SpaceX Loses $600 Billion In Market Value As Tech Stocks Slide
SpaceX loses $600 billion in market value as selling pressure intensifies across major technology stocks, highlighting a sharp reversal in momentum after the company’s strong post-listing rally. The decline came as investors pulled back from high-growth technology names, weighing on broader market sentiment and pushing leading indices lower.
The Nasdaq 100 index was on track to wipe out more than $1 trillion in market value on Tuesday, 23 June. Technology heavyweights and semiconductor stocks led the decline, placing significant pressure on the benchmark index.
Nasdaq 100 Faces Broad-Based Selling
The technology-focused Nasdaq 100 came under pressure as investors sold shares across the sector. As a result, the index was poised to lose more than $1 trillion in market value during the session.
Moreover, weakness among major technology companies and chipmakers contributed to the downturn. The broad sell-off reflected reduced appetite for high-growth stocks and added to losses across the market.
SpaceX Falls Below $2 Trillion Valuation
SpaceX also suffered steep losses during the trading session. The company, which is expected to join the Nasdaq 100, has shed more than $600 billion in market value over the past three trading sessions.
Consequently, its market capitalisation fell below the $2 trillion mark for the first time since its US market debut. If the day’s losses are maintained through the close, the company would be valued at approximately $1.95 trillion.
The decline marks a significant pullback following the company’s rapid gains after listing. While the valuation remains substantial, the recent losses have reduced much of the momentum generated during the earlier rally.
Shares Extend Post-IPO Decline
In premarket trading, SpaceX shares dropped 3.6% to $149.1. The stock therefore remained only around 9% above its initial public offering price of $135.
Furthermore, the latest decline extended the cooling trend that followed the company’s sharp post-IPO surge. After a strong run higher last week, the rally continued to lose momentum as investors reassessed valuations and broader market conditions.
Although SpaceX remains one of the market’s most closely watched companies, recent trading activity indicates a notable shift in sentiment. Meanwhile, continued weakness in technology and chip stocks has added further pressure on the shares and on the wider Nasdaq 100 index.
With inputs from Reuters