SpaceX shares fell more than 16% after their Nasdaq debut, reversing part of the initial advance from the company’s initial public offering and reducing its market capitalization by about $400 billion, according to published reports.
SpaceX priced 555,555,555 Class A shares at $135 each and raised about $75 billion in the offering. The stock began trading on June 12 under ticker SPCX on the Nasdaq Global Select Market and Nasdaq Texas, opening at $150, about 11% above the IPO price and implying a valuation of roughly $1.77 trillion at the start of trading.
Company disclosures also included a 30-day underwriter option to buy up to 83,333,333 additional Class A shares at the IPO price. During the pullback, weakness also spread to listed space-related companies and space-focused exchange-traded funds, with several such funds reported down by about 1% to 6% in the same period.