finance
SpaceX shares close at $156 after three-day decline
SpaceX stock ended Tuesday at $156.11 after recovering from a 16% drop the previous day. The shares had risen 40% above the IPO price before the recent decline erased roughly $600 billion in market value.
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SpaceX shares closed at $156.11 on Tuesday after a nearly 1% gain that followed a 16% decline on Monday. The stock had ended its first trading day on June 12 at $160.95 after rising 19% during the IPO. Shares later reached a high of $225.64 before falling back toward the IPO price.
IPO and subsequent moves The June 12 offering raised $75 billion at $135 per share and valued the company at $1.77 trillion. Additional shares sold by underwriters brought total proceeds to $86 billion, the largest IPO on record. The company announced last week that it would acquire AI coding startup Cursor for $60 billion, with the deal expected to close in the third quarter.
It is also preparing a $20 billion bond issue.
Credit rating and share lockups S&P Global assigned the company a BBB credit rating last week and noted elevated capital spending through 2029. At least 20% of employee-held shares will become tradable after second-quarter results are released, with remaining lockups expiring in December.
Morningstar placed a $780 billion valuation on the company and advised investors to wait several months before buying shares. A Pasadena investment fund manager holding a large SpaceX position said the recent price drop does not change long-term expectations.
