SpaceX Closes at $131.11, Erasing Gina Rinehart's A$714 Million Paper Gain
Updated
Updated · The Guardian · Jul 17
SpaceX Closes at $131.11, Erasing Gina Rinehart's A$714 Million Paper Gain
3 articles · Updated · The Guardian · Jul 17
Summary
$131.11 was SpaceX's Thursday close, nearly 3% below its $135 IPO price and the stock's first finish under debut level since the mid-June listing.
A seven-day slide in eight sessions has cut SpaceX's market value to $1.72 trillion from more than $2.6 trillion, as post-IPO euphoria faded and a bond sale added billions in debt.
Hancock Prospecting, which reportedly bought more than $1 billion of IPO stock, appears to have lost a US$500 million paper profit at the peak; Thursday's move implied another roughly US$30,000 paper loss.
28,000 Australians applied for SpaceX shares through CommSec, a record for the broker, though some institutions sold early to lock in gains while others still frame the stock as a long-term bet on Musk.
The reversal has also hit Musk's wealth—Forbes put it at $838 billion on Thursday—while Bloomberg said short sellers have made about US$3.88 billion betting against the stock.
Musk is a trillionaire, but his stock is sinking. Is SpaceX's AI dream a bubble about to burst?
Did Nasdaq bend its rules to land the SpaceX IPO, putting passive investors' funds at risk?
Can SpaceX's profitable satellite business truly fund its massive, cash-burning ambitions in space and AI?
SpaceX’s Post-IPO Slide: Market Volatility, $1.8 Trillion Valuation, and the High-Stakes Growth Gamble
Overview
SpaceX's stock performance after its IPO in July 2026 has entered a challenging phase, marked by a recent slide that is testing investor confidence. This downturn followed the initial public offering and has led to a period of market re-evaluation. Despite the recent dip, SpaceX still maintains a substantial market capitalization of $1.8 trillion, placing it firmly in the mega-cap category. The current market dynamics are prompting investors to take a closer look at SpaceX's valuation and long-term prospects, as the company navigates this volatile period in the public market.