SpaceX Shares Sink Lowest Level Since Nasdaq Debut

SpaceX Stock Extends Slide, Gives Up Most Post-IPO Gains

This article first appeared on GuruFocus. Space Exploration Technologies (NASDAQ:SPCX) shares fell about 4% in Monday morning trading, extending their recent decline and trading near the company's initial public offering price. The stock changed hands around $139, its lowest level since listing on Nasdaq about one month ago.

Shares have retreated more than 38% from their intraday peak of $225.64 reached on June 16, reducing much of the gains recorded after the company's market debut. Space Exploration Technologies went public at $135 per share, raising about $75 billion in one of the largest U.S. initial public offerings. The stock opened at $150, roughly 11% above its offering price, giving the aerospace company a market capitalization of about $2.1 trillion at the close of its first trading session.

Monday's pullback leaves Space Exploration Technologies trading only modestly above its IPO price after a volatile first month on the public market. The latest decline comes as investors continue to reassess valuations across growth and technology stocks following a strong initial rally after the company's listing.