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SpaceX dips below IPO price for first time since listing
SpaceX slipped below its $80 IPO price for the first time on Monday as post-listing enthusiasm wanes and cash burn from Starship and Starlink weighs on the stock, down 3.5% in afternoon trade.
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SpaceX shares slid below their initial public offering price for the first time Monday, a milestone in the post-listing recalibration of Elon Musk's rocket and satellite company.
The stock closed at $79.42 on its first day of trading six months ago after pricing at $80. The pop was modest by tech-IPO standards. Now the shares have given back that gain and then some, trading at $77.20 in afternoon trade – roughly 3.5% below the IPO price.
The slide comes as the initial excitement around the listing fades into the reality of a capital-intensive business. SpaceX has been burning cash on Starship development, Starlink satellite deployment, and the infrastructure needed to support a $180 billion valuation. The company disclosed in its last quarterly filing that free cash flow turned negative in Q1 following a heavy launch schedule and R&D spending tied to the next-generation Starship vehicle.