SpaceX Stock Price Plunges 16.4% Following $400B Market Value Wipeout

SPCX fell approximately 16% on June 23 — erasing $400 billion in market value in a single session in what sources described as the second-largest one-day market cap destruction for any stock on record [doc29, doc34]. At the intraday low of $146.88, shares briefly fell below $150, the price at which SpaceX opened trading on its IPO day just 11 days earlier. The stock recovered partially to close around $154-164, still up from the $135 offering price but down 31% from its June 16 peak of $225.64.

The immediate catalyst was a $20 billion senior unsecured bond filing submitted to the SEC, signaling that SpaceX's record $75 billion IPO haul was not sufficient to cover its combined spending across AI infrastructure, Starlink constellation expansion, and Starship development. The surprise secondary financing so close to the equity raise suggested to institutional investors that capital demands are running ahead of initial estimates . SpaceX had already reported net losses of $4.9 billion in 2025 and $4.28 billion in Q1 2026, a cash consumption profile that becomes difficult to underwrite at peak valuations.

Macro forces amplified the move. Federal Reserve Chair Kevin Warsh's hawkish posture on inflation — with 9 of 18 FOMC officials now signaling potential rate hikes — pushed Treasury yields higher, tightening the discount rates applied to distant cash flows that define SPCX's bull case. The stock's violent swings within its first two weeks of trading underscore the execution risk inherent in any company pricing itself at a $2.95 trillion peak valuation before generating consistent profitability.