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SpaceX shares fall below IPO price, market cap dips under $2 trillion

SpaceX shares fall below IPO price as market cap slips under $2 trillion

SpaceX shares fall

Shares of U.S. SpaceX fell as much as 5% to $147.11 in U.S. stock trading on the 23rd. The stock dropped below the $150 opening price set at its initial public offering (IPO) on the 12th, and its market capitalization also fell below $2 trillion (about 323 trillion yen).

Profit-taking continues

SpaceX shares had fallen for three straight sessions through the previous day. Buying by retail investors appears to have run its course, with profit-taking likely becoming dominant. Immediately after the IPO, the stock rose for two straight sessions and at one point climbed into the $225 range. Its market capitalization was approaching $3 trillion.

Bond plan adds pressure

The company announced its bond issuance plan on the 22nd. Some see the market reaction as reflecting concern that the bond sale would be used to support its unprofitable artificial intelligence (AI) business.

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