LOS ANGELES — SpaceX shares fell more than 3% on Monday, closing at a new record low of just under $120. The drop marks the seventh consecutive day of losses for the aerospace giant. The company’s stock has now plummeted 47% from its peak of $225, which was reached shortly after its mid-June initial public offering (IPO).
The prolonged market selloff intensified after two high-profile technical setbacks. On Monday morning, teams scrubbed a Falcon 9 rocket launch from Vandenberg Space Force Base in California. The mission was scheduled to deploy 24 satellites into orbit.
This delay followed a separate aborted Starship test flight last Thursday. SpaceX plans to attempt the Starship test flight again this Thursday.
Despite the recent market downturn, SpaceX maintains a massive market valuation of nearly $1.6 trillion. However, its struggles are causing ripples across Wall Street, creating anxiety for other artificial intelligence and tech companies planning to go public.
Investors are now turning their attention to two critical summer milestones. The company is expected to release its first-ever public quarterly earnings report this August. Immediately following that report, an early investor lock-up period will expire.
This event will allow employees and early backers to sell roughly 911.5 million shares on the second trading day after the financial results are released.
Amid the stock decline, CEO Elon Musk focused on the company’s software division on Monday afternoon. Musk announced on social media that “Grok for Excel is live,” referencing the platform’s conversational AI tool.
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