SpaceX shares closed at $115.07 on Friday, marking a steep decline of nearly 49% from their June peak of $225.64. This slump dragged Elon Musk’s net worth down from around $1.4 trillion to an estimated $725 billion, snapping his brief status as the world’s first trillionaire.
The stock’s fall below its initial offering price of $135 also reversed the excitement ignited by SpaceX’s record-breaking public debut. After pricing at $135 per share during its IPO, SpaceX opened to strong demand, surging 19% on day one and pushing the company’s valuation beyond $2 trillion.
SpaceX’s Rollercoaster Since IPO
Initially, demand overwhelmed supply as SpaceX sold 555.6 million shares, raising a staggering $75 billion before underwriters lifted the total proceeds to roughly $85.7 billion. The company’s unique move to set its IPO price ahead of the roadshow and earmark 30% of shares for retail investors helped fuel this frenzy.
However, enthusiasm soon waned. Shares met resistance near $225, triggering a downward slide that saw prices drop nearly 35% to $147.11 by late June. A brief rebound lifted shares to $172.40, but the uptick was short-lived. The stock has since struggled to regain momentum, forming a pattern of lower highs and lows that confirms a bearish trend.
Friday’s close hovered just above the key support level at $110.85, with risks mounting that a drop below this point could expose psychological floors at $105 and $100. On the flip side, a recovery above $147.11 is needed to ease selling pressure, while surpassing $172.40 would signal a stronger reversal.
Elon Musk himself acknowledged the setback on social media, referring to himself as a “(Former) Trillionaire,” a move that drew playful responses from figures like Binance’s Changpeng Zhao who dubbed it the “new definition of pre-rich” along with spawning a short-lived meme token called $PRE-RICH.
Investors are now shifting their gaze toward SpaceX’s upcoming quarterly earnings and critical Starship development milestones for fresh cues on the company’s trajectory.
