space x The stock fell more than 3% in pre-market trading on Tuesday, after losing $400 billion on Monday as its post-debut rally stalled.
The space and AI company posted huge gains after its record IPO on June 12, at one point surpassing the . Amazon and microsoft In terms of market capitalization, it fell below both as sentiment cooled.
Shares plunged 16% on Monday after falling 3.6% and 5% in the previous two trading days. SpaceX’s market capitalization was $2 trillion at Monday’s close.
The stock was trading 3.43% lower as of 4:30 a.m. ET.
SpaceX stock.
The company announced Monday an offering of senior unsecured notes and disclosed that it had $100.8 billion in cash and cash equivalents on hand as of June 19.
On the same day, SpaceX also announced that it had signed a major computing power deal with open source AI startup Reflection, giving the company access to Elon Musk’s Colossus infrastructure.
SpaceX’s stock price soared after its blockbuster debut, rising more than 50% from its public offering price as investors scrambled to buy into Mr. Musk’s lofty ambitions for the company.
But by the end of last week, the average investor who bought SpaceX stock saw nearly all of that gain evaporated.
