Stock Market
By Julie Binoche
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From $2.95 Trillion to $1.8 Trillion in Weeks. SpaceX's market cap now sits around $1.8 trillion, down roughly 38% from that June 16 peak.
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Burry Looked at a Short — Then Backed Off. Michael Burry, who made his name betting against the housing market before 2008, looked hard at…
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Crypto Wallets, Passive Buyers, and What's Left. One detail that kind of got buried in the noise: 28,000 crypto wallets pledged $560 million to buy…
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SpaceX stock is now trading below $140. That's a brutal fall from where it was just weeks ago, and the numbers are hard to ignore.
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The company went public on June 11, priced at $135 a share. SpaceX sold 555,555,555 shares, pulling in roughly $75 billion in one of the most anticipated IPOs in years.
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SpaceX's market cap now sits around $1.8 trillion, down roughly 38% from that June 16 peak. Shares are still technically up 3% from the IPO price — so early buyers aren't…
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The worst single session came on June 22. Shares dropped 16% that day, closing at $154.60. Ugly. Then, on July 7, SpaceX got added to the Nasdaq 100 index.
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At its peak, the excitement had real fuel behind it. SpaceX was pitching Mars colonization. It was talking about space-based data centers.
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Read also: USDT and USDC Shed $10B in Supply Since May Peak
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Morningstar was more direct. The firm put a fair value of $63 per share on SpaceX at the time of the IPO — less than half the offering price, and well below where shares were…
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And yet, not everyone on Wall Street agrees. Oppenheimer raised its price target to $250. Jefferies bumped its target up by $25. Other banks have set targets as high as $300.
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One detail that kind of got buried in the noise: 28,000 crypto wallets pledged $560 million to buy SpaceX shares ahead of the IPO. They didn't get them.
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SpaceX currently ranks eighth among public companies by market cap. It's still an enormous company.
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More context: Strive Increases Bitcoin Holdings to 19,900 with $64,000 Purchase, Cash Reserves Steady
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The financials remain the sticking point. A $4.9 billion net loss on $18.7 billion in revenue is a hard thing to wave away, regardless of how compelling the long-term story sounds.
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