SpaceX Climbs 5%
SpaceX stock rebounds from three-day losing streak with a 5% gain
SpaceX shares whipsawed on Tuesday, dipping below its debut price before later turning positive. The stock tanked 16% on Monday, as initially bullish sentiment on the company cooled. Elon Musk's space and AI company opened trading at $150 per share on June 12. SpaceX shares climbed about 4% on Tuesday after slipping below $150, the price of its first trade when it debuted nearly two weeks ago.
The initial slide also took the market cap below $2 trillion. 6% and 5% the previous two days of trading. SpaceX posted huge gains after a record-breaking IPO on June 12, briefly surpassing Amazon and Microsoft in market capitalization, before falling back below both as sentiment cooled. 8 billion in cash and cash equivalents on hand as of June 19.
That same day, SpaceX also revealed it has signed a major computing power agreement with open-source AI startup Reflection, providing the company with access to Musk's Colossus infrastructure. SpaceX's stock surged after its blockbuster debut, with shares rallying more than 50% on their offering price, as investors scrambled to buy into Musk's lofty ambitions for the company. But by the end of last week the average investor who bought SpaceX shares had seen nearly all of their gains disappear. 3 billion