SpaceX Stock Extends Slump, Erasing Historic $401 Billion in Single Day
SPCX is trading near its 52-week low of $149.34 (0.7% below the low).
Summary
SpaceX stock extended its post-IPO slump, with shares dropping 16% on Monday, wiping out a historic $401 billion in market capitalization in a single trading session. This marks the second-largest one-day market value loss for any U.S. company on record. The stock fell another 4% pre-market on Tuesday, trading below its initial IPO closing price. Investors are grappling with valuation concerns for the AI and rocket company, a potential slowdown in the AI boom, and the impact of future interest rate hikes. The company also plans to issue its first investment-grade dollar bonds to repay existing bridge loan debt.
At the time of this announcement, SPCX was trading at $148.28 on NASDAQ in the Technology sector, with a market capitalization of approximately $2T. The 52-week trading range was $149.34 to $225.64. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.