NEW YORK — SpaceX stock found its footing on Tuesday, with shares of the newly public rocket and satellite giant — NASDAQ: SPCX — rising about 2.5% to offer a partial reprieve after one of the most dramatic selloffs in recent market history. Over the prior two sessions, $SPCX shed roughly $600 billion in market value, a staggering swing for a company that completed the largest IPO ever just days earlier. The slide and the bounce have kept both $SPCX and Tesla ($TSLA) at the center of the market conversation.
What triggered the plunge
The selloff began June 22, when SpaceX disclosed in an SEC filing that it would launch its first-ever investment-grade bond sale of at least $20 billion in senior unsecured notes. Monday session alone erased about $400 billion, the second-largest single-day market-cap loss on record. The proceeds will refinance higher-cost bridge debt for a company that disclosed roughly $100.8 billion in cash, a move management framed as prudent balance-sheet optimization rather than a sign of distress. We broke down the financing in our coverage of SpaceX $20 billion bond sale after its record IPO.
The pullback pushed $SPCX below its first-day opening price near $150 and briefly threatened to drop the company market capitalization under $2 trillion, unwinding much of the euphoria from its blockbuster June 12 debut at $135 per share.
Where the tape stands
As of Tuesday June 23, $SPCX traded in the mid-$160s after the 2.5% rebound, down roughly 16% from its post-IPO peak above $185 but still valuing SpaceX well above $1.7 trillion. $TSLA, meanwhile, has drawn its own scrutiny, with shares down on the day and analysts debating whether merger speculation will tie the two stocks ever closer together. Readers can track live quotes for SpaceX on Yahoo Finance, Google Finance, WSJ, and Nasdaq, and for Tesla on Yahoo Finance, Google Finance, WSJ, and Nasdaq. The day rebound was reported by Yahoo Finance.
