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SpaceX shares rebound after seven-session losing streak
The stock ended up 3.1% at $123.54, but remains below its $135 IPO price.
SpaceX shares rose more than 3% on Tuesday, ending a seven-session losing streak amid a broader pullback in artificial intelligence-related stocks and after the company aborted a Starship launch due to an engine issue, LiveMint Markets reports.
The stock closed 3.08% higher at $123.54 per share, bringing SpaceX’s market capitalization to $1.63 trillion. The prior seven-session decline wiped out $425 billion in market value, according to data compiled by Bloomberg.
Even with Tuesday’s gain, the shares continue to trade below SpaceX’s IPO level. SpaceX, formally known as Space Exploration Technologies Corp., listed on June 12 at $135 per share and later hit a post-IPO peak of $225.64, before closing Monday at $119.85.
SpaceX is scheduled to release its first quarterly earnings report as a publicly traded company on August 4, covering the second quarter ended June 30. The company also faces a major share unlock, with up to $116 billion worth of stock potentially becoming eligible for sale next month, and restrictions on certain insiders selling up to 911.5 million shares expiring on August 6, two days after results.