SpaceX Shares Hold Steady After 5% Drop Ends Post-IPO Rally

SpaceX shares held steady in premarket trading on Thursday, after the stock dropped 5% on Wednesday following a three-day rally that saw shares surge more than 40% after the company's IPO last week. The space and AI company offered shares at $135 during its debut. The stock was last 0.3% higher in premarket trading. SpaceX immediately became one of the world's most valuable companies after listing, with its market cap sitting at $2.52 trillion at market close on Wednesday, just below Amazon.

SpaceX Stock Drops 5% After Post-IPO Rally

SpaceX shares sank 5% on Wednesday, showing signs that investor bullishness was waning after the stock's historic debut last week. The company offered shares at a set price of $135 during its IPO. Following the debut, the stock surged more than 40% in a three-day rally. In premarket trading on Thursday, shares were last 0.3% higher.

SpaceX's market capitalization reached $2.52 trillion at market close on Wednesday. The valuation placed the rocket maker just below Amazon and briefly surpassed Microsoft, making SpaceX one of the world's most valuable companies.

SpaceX Adds Roelof Botha to Board

SpaceX announced on Wednesday that it is adding Roelof Botha to the board. Botha is described as Elon Musk's longtime friend and ally. Botha will serve as an independent director and a member of the company's audit committee, starting immediately. Botha becomes the eighth board member at SpaceX, where Musk serves as chairman in addition to his roles as CEO and technology chief.

Musk Controls Over 82% of SpaceX Voting Rights

Elon Musk controls more than 82% of voting rights at SpaceX and owns shares in the company worth over $1 trillion. The governance model gives outside shareholders little ability to exert influence.

Musk Posts $1 Trillion Revenue Target for 2030

Posting on X on Sunday, Musk said that the company "might be able to reach approximately" $1 trillion revenue in 2030.

FAQ

What was SpaceX's IPO price? SpaceX offered shares at a set price of $135 during its IPO last week.

How much did SpaceX shares increase after the IPO? SpaceX shares surged more than 40% after the company's historic debut last week, before dropping 5% on Wednesday.

Who did SpaceX add to its board? SpaceX announced on Wednesday that it is adding Roelof Botha, described as Elon Musk's longtime friend and ally, to the board as an independent director and member of the audit committee.