And that’s how $1 trillion in valuation goes up in the air (just like the rockets?)

🚀 IPO Glow Starts to Fade

  • SpaceX briefly slipped below its on Wednesday, touching $132.15 before clawing back to close at $135.27.
  • From "to the moon" to "please just go back to my entry, I don’t even want profits anymore" in just a few weeks.
  • The stock has now dropped roughly 40% from its , wiping more than $1 trillion from the company's market value.
  • SpaceX's bonds issued after the blockbuster listing have also weakened big time, suggesting investors are becoming more selective about the company's sky-high valuation — not just its stock price.

📉 Gravity Beats Hype

  • SpaceX's record IPO raised $86 billion at a valuation above $2 trillion, briefly making the company more valuable than Amazon. Since then, excitement has met reality. And reality has been asking uncomfortable questions about price.
  • Investors are increasingly worried that more shares becoming available for trading could pressure the stock further. As early investors gain the ability to sell, additional supply may outweigh demand — a classic case of too many sellers chasing too few buyers.
  • Valuation concerns haven't helped either. SpaceX remains a fast-growing company, but it's also still unprofitable (hence lossmaking), leaving investors asking how much future success is already baked into today's share price.

🌌 Starship to the Rescue?

  • The next potential catalyst arrives quickly. SpaceX is preparing for the 13th Starship test flight, with the launch window opening Thursday evening. Every successful test brings the company's biggest long-term ambition a little closer.
  • Starship is designed to be fully reusable, lowering launch costs while increasing payload capacity. If it works as planned, it could unlock everything from cheaper satellite launches to futuristic concepts like orbital AI data centers.
  • But… it's still a work in progress. Investors have heard plenty of ambitious timelines before, and markets now seem to prefer successful launches over lofty promises.