• SpaceX shares fell more than 4% in premarket trading, putting the company on track for a market value below $2 trillion for the first time since its IPO.
  • The stock traded near $148, slipping below its June 12 debut price of $150, as investors reassess profitability dynamics.
  • Analysts point to high valuation multiples and a capital-intensive model as factors fueling renewed volatility.

A Retrenchment from Peak Valuations

SpaceX's market value is sliding toward the $2 trillion mark, a level it had briefly surpassed in the wake of its Nasdaq debut. Shares fell more than 4% in premarket trading on Thursday, hovering near $148, according to people familiar with the matter. That puts the stock below its IPO price of $150 for the first time since the listing, marking a sharp reversal from the euphoric post-IPO run.

The company, which went public earlier this year in one of the most anticipated listings in tech history, has seen its valuation swing wildly as traders weigh high growth expectations against a lack of current profitability. SpaceX reported approximately $18–19 billion in revenue for 2025 but posted net losses, underscoring the capital-intensive nature of its rocket and satellite businesses.

“We're seeing a classic reassessment,” said one market analyst who asked not to be named. “The float is limited, demand has been strong, but at some point, fundamentals matter.” The analyst declined to comment further.

Profitability Questions Loom

The slide reflects growing skepticism about the sustainability of SpaceX's valuation, which at its peak rivaled some of the world's largest companies. The stock's price-to-revenue multiple remains astronomically high compared with typical megacap peers, fueling debates about whether the company can justify its premium.

SpaceX, led by Elon Musk along with President Gwynne Shotwell and CFO Bret Johnsen, has expanded aggressively into Starlink satellite broadband and reusable rocket technology. While these ventures have driven rapid revenue growth, operating costs have also soared, keeping the company in the red.

Efforts to reach SpaceX for comment were unsuccessful. A spokesperson did not respond to requests for comment.

Volatility Expected to Persist

Traders anticipate continued price swings as the company approaches key milestones, including potential inclusion in major stock indices, which could affect demand. The limited public float has amplified moves, making SpaceX particularly sensitive to shifts in investor sentiment.

The broader space and tech sectors have also felt ripple effects, with related stocks moving in sympathy. Some analysts view the pullback as a healthy correction, while others warn that the lack of near-term profitability could keep pressure on the stock.

Correction: An earlier version of this article misstated the IPO date. SpaceX debuted on June 12, not June 13. The article has been updated to reflect the correct date.