SpaceX shares dip below debut price, erasing $600bn in value before recovering 2.4 percent amid tech market turbulence. Published On 23 Jun 202623 Jun 2026SpaceX shares fell below its market debut price of $150 per share, wiping out $600bn in market value amid a broader tech sell-off rocking markets before jumping 2.4 percent.The dip in early trading on Tuesday follows a 16 percent slump on Monday that erased $400bn in market value for the Elon Musk-led aerospace company. Shares are still 10 percent above the $135 per share initial public offering.Recommended Stories list of 4 itemsend of listSpaceX saw record-breaking gains after its IPO debuted on June 12, catapulting CEO Elon Musk into becoming the world’s first trillionaire. The company briefly surpassed Microsoft and Amazon in market value before falling to its most recent valuation of $1.9bn.A Reuters analysis found that of the 50 most-valued IPOs in the last five years, investors would have been better off buying S&P 500 index fund about three-quarters of the time than buying into a big IPO. However, analysts are not too worried.“I think any time you see a stock sell off sharply, especially one that everyone is focused on, and then bounce, it’s usually a setup for it to move higher. So I think we go higher from here,” Michael Monaghan, partner portfolio manager at FounderETFs, told Al Jazeera.It comes amid new compute deals fueling the company’s AI ambitions. On Monday, the Musk led company locked in a new deal with an AI startup called Reflection AI, which would allow it access to its Colossus 2 data centre and pay $150m per month to do so. That follows a deal with Google announced earlier this month in which the tech giant would pay SpaceX $920m per month.“Their revenue is increasing, and their balance sheet is getting better, not worse. That should be good for the stock, not cause it to sell off. The final thing is t …
