SpaceX Stock Volatility Continues Post-IPO With 3-Day Decline

SpaceX (SPCX) shares fell for the third consecutive day on June 22, trading near $169 — down ~25% from the June 16 all-time high of $225.64. The post-IPO pullback follows the $75B June 12 debut, with options trading enabling short sellers for the first time, a $60B Cursor acquisition announcement, and a $20B bond offering raising cash-burn concerns.

SPCX shares extended their decline for a third straight session on June 22, falling to around $169 after reaching an all-time high of $225.64 just six days earlier on June 16 [doc8, doc11]. The pullback amounts to a roughly 25% drawdown from peak levels, a steep reversal after the stock surged 19% on its June 12 debut — the largest IPO in stock market history, raising $75 billion at $135 per share.

Three concurrent developments are driving the sell-off. Options trading opened on June 17, enabling short sellers to enter for the first time. Shortly after the IPO, SpaceX announced a $60 billion all-stock acquisition of AI coding startup Cursor (Anysphere), alarming investors about capital discipline . And Bloomberg reported a $20 billion bond offering is being prepared to refinance a 2027-maturing bridge loan, raising concerns about ongoing cash burn — the company reported a $4.9 billion net loss for 2025, partly due to its xAI merger completed earlier this year.

Valuation skepticism was already baked into the debate before the IPO opened: Morningstar placed fair value at roughly $780 billion, less than half the $1.75 trillion implied at the $135 IPO price. Bulls point to Starlink's $10.6 billion 2025 revenue (67% of SpaceX total) and the company's unmatched launch cadence; bears highlight a float of only ~4-5% of total shares outstanding, meaning small order flows create outsized price swings. The lockup expiration calendar in the coming months will be a key watch point for further downside risk .