SpaceX shares (SPCX) have fallen below the $150 IPO price, with the market cap falling below $2 trillion for the first time since public market debut.

The drop extends SPCX value far below last week’s $225.64 peak. Traders now question whether the rally outran the company’s fundamentals.

SpaceX Stock Loses the $2 Trillion Threshold

SpaceX priced its IPO at $135 per share and opened near $150 on June 12. At roughly $75 billion, it stands as the largest Nasdaq debut on record.

The stock then climbed to an intraday high of $225.64 on June 16 before reversing. Its market value still held near $2.22 trillion at Monday’s close.

The selloff accelerated after the company launched its first bond offering. The senior notes deal aims to raise at least $20 billion.

Proceeds will repay a bridge loan and fund AI and data-center projects. SpaceX also disclosed a cash pile of about $100.8 billion.

Now, the company’s stock price has fallen below its $150 opening price, with its market cap dropping under $2 trillion to mark the first such reading since the debut.

The steep post-IPO slide has pushed many open-market buyers toward breakeven or into the red.

Five Proxies to Watch as the Sell-Off Spreads

SpaceX’s debut pulled both cash and attention from smaller listed space names. The Monday selloff hit them unevenly, splitting the high-beta pure-plays from the large-cap anchors.

Alphabet offers the steadiest exposure. Its roughly 6% stake dates to a 2015 investment of about $900 million. At a $2 trillion valuation, that holding could top $100 billion. Its 5% Monday drop tracked AI-talent departures, not the space rotation, but has also fallen in tandem with SPCX.

Rocket Lab is the closest listed launch rival, building its Neutron rocket to challenge Falcon 9. It became the first pure-play space stock in the Nasdaq-100 on June 22, yet still fell 8%. Its order backlog reached $2.2 billion last quarter.

T-Mobile barely moved. With a beta near 0.3, the Starlink T-Satellite partner trades as a defensive holding rather than a space bet.

AST SpaceMobile and Intuitive Machines took the hardest hits. ASTS, a direct satellite-to-phone competitor, has shed nearly a quarter of its value in the past month.

LUNR flies its NASA lunar landers on Falcon 9. It has fallen about a third over the same span. A planned $500 million equity raise and rising short interest add to the pressure.

Whether SpaceX itself can justify a multitrillion-dollar price tag remains a bubble or breakout debate. Nevertheless, Susquehanna initiated SpaceX with a Neutral rating and a $170 price target, citing strong growth prospects but a demanding valuation.

The firm expects revenue to surge through 2030, driven by launches, Starlink and AI.

“However, analysts recommend waiting for a better entry point, pointing to risks including Starship delays, Starlink competition and uncertainty around AI-related revenue,” Walter reported.

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What to Watch Next

The next few sessions will show whether $2 trillion becomes a floor or another level down. The bond sale is testing investor appetite, with the rally already more than 30% below its peak.

Either way, the broader space complex may keep taking its cue from SPCX.

Source: BeInCrypto