SpaceX holds steady after three-day rally loses steam

SpaceX shares held steady in premarket trading Thursday after the stock's three-day rally lost steam. The space and AI company surged more than 40% after its record-setting IPO last week, which priced shares at $135. That run ended Wednesday with a 5% decline. The stock was last 0.3% higher in premarket.

The company's market capitalization was $2.52 trillion at Wednesday's close. It briefly passed Amazon and Microsoft in the days after its debut.

SpaceX also said Wednesday that Roelof Botha, a longtime associate of Elon Musk, is joining the board. Botha will serve as an independent director and a member of the audit committee, effective immediately. He becomes the eighth board member. Musk serves as chairman and chief executive, with added responsibility for technology.

Musk controls more than 82% of the voting rights, with shares valued above $1 trillion. Outside shareholders have little influence under that governance structure.

On X, Musk said SpaceX "might be able to reach approximately" $1 trillion in revenue by 2030.