SpaceX shares declined for three consecutive days through June 22, 2026, losing about 23% of their value and erasing more than $600 billion from the company's market capitalization [1, 2, 3, 4, 5, 6]. The stock closed at approximately $154.60 on June 22, marking its lowest price since the $135 IPO per share [2, 3, 7, 4, 5, 6].

The decline followed SpaceX's record $75 billion initial public offering completed on June 18, which was met with strong retail investor interest. Retail investors bought a net $405 million in SpaceX shares during the first five trading sessions after the IPO [1, 3, 8, 4, 5]. However, the company's low share float of 4.2% at IPO contributed to high volatility and selling pressure [3, 7, 5].

SpaceX trades roughly 15% above its IPO price but remains the sixth-largest company globally despite the recent losses [3, 7, 4, 5]. The company's market capitalization fell sharply from a peak of about $2.99 trillion on June 16 to just over $2 trillion on June 22 [8, 3, 7, 4, 9, 5]. The 16% drop on June 22 alone wiped out approximately $400 billion in value, one of the largest single-day declines ever, second only to Nvidia last year [9].

The selloff coincided with SpaceX's announcement it would issue investment-grade bonds for the first time, seeking to raise at least $20 billion to fund its expansion into artificial intelligence [3, 4, 9, 5]. SpaceX has also signed a multibillion-dollar deal to provide computing resources to AI startup Reflection AI and embraced AI through Elon Musk's acquisition of xAI in February 2026 [3, 4, 9, 5]. Some analysts see cautious investor sentiment around AI as weighing on the stock. New Street Research's Pierre Ferragu said it could be a "cautious AI trade" dragging shares [10].

Michael O’Rourke, chief market strategist at JonesTrading, noted that seller dominance followed the initial buying surge: "Sellers are back in control. Anyone in the world who wanted to buy this has bought it already" [3].

Elon Musk's net worth fell by more than $300 billion as SpaceX shares dropped, from a peak of $1.45 trillion to just under $1.1 trillion by June 22, 2026 [8].

SpaceX shares rebounded on June 23, ending the three-day selloff that erased over $600 billion in value [11, 10]. The company will continue bond issuance efforts to support its AI growth plans.