SpaceX stock hits $120 after seven-day losing streak
Shares are now below their $150 debut price as investors weigh AI bets, an ESG rating and a delayed Starship launch.
By Georgia Hale · Staff Writer
2 min read
SpaceX shares have fallen for seven straight trading days, dropping to $120 after a short-lived post-IPO surge to $225, Mashable reported.
The stock is now trading below its $150 debut price, a sharp comedown for Elon Musk’s space company after last month’s blockbuster market launch. Mashable reported that the slide has wiped $1 trillion from SpaceX’s market value and cost Musk the brief trillionaire status he held after the IPO.
The selloff followed several pressure points for the newly public company, according to Mashable. SpaceX announced a $60 billion acquisition of Cursor, an AI coding agent, shortly before the stock began falling. The company also received a Triple-C environmental, social and governance rating from MSCI, which Mashable described as the lowest possible ESG score from the index provider.
ESG ratings are used by some investors and funds to judge whether stocks fit ethical or risk-based investment rules. Mashable reported that MSCI’s rating landed as broader investor enthusiasm for AI-linked companies has cooled, not only for SpaceX.
AI ambitions moved into the rocket business
SpaceX is no longer being pitched as a pure space company. In the months before its IPO, Musk merged SpaceX with xAI, his artificial intelligence company, Mashable reported.
Musk said the combination was needed for his plan to put AI data centers in space, according to Mashable. That shift has tied SpaceX’s stock story more closely to investor views on AI spending, as well as the company’s long-running rocket business.
The next test comes from Starship, SpaceX’s reusable rocket program and a central part of the company’s future plans. Mashable reported that the 13th Starship launch had been set for July 16. Reuters reported that the attempt was delayed because of engine issues.
SpaceX plans to try again this Thursday, according to Mashable. The outlet noted that launch delays are not unusual for the company.
Musk warns short sellers
Despite the slump, SpaceX remains one of the largest companies in the United States, with a valuation still in the trillions, Mashable reported.
Musk addressed investors betting against the stock in a post on X, according to Mashable. “The survival probability of firms who maintain a significant short position in SpaceX over time is very low,” Musk posted.
The warning did not change the recent trading picture described by Mashable: investors have been selling SpaceX stock for a week, the share price is at a new low, and the company’s big AI and rocket bets are now under sharper market scrutiny.
This story draws on original reporting from Mashable.