Weeks after record-breaking IPO, Elon Musk's SpaceX loses $1tn in market value

Five weeks after its record-breaking initial public offering (IPO), Elon Musk's SpaceX has lost about $1 trillion in market value from its post-IPO peak as its stock continues to slide. According to a Business Insider report, the decline comes after the company called off its first Starship launch since going public, adding to investor concerns. Shares have also come under pressure ahead of upcoming lock-up expirations that will allow employees and early investors to sell shares.SpaceX stock falls below IPO priceAs reported by BI, SpaceX shares slipped below their $135 IPO price this week for the first time. The stock briefly fell to $132.75 on July 15 before recovering. It closed at $131.11 on July 16, marking its first close below the IPO price, and dropped another 5% on Friday, July 17. By midday Friday, shares were trading below $125.According to Business Insider, the company has lost about $320 billion in market value since its IPO and roughly $1 trillion since its June 16 peak.To recall, SpaceX raised more than $85 billion in its June IPO, making it the largest public offering in history. The stock climbed in the days after its debut before beginning a steady decline.Starship is central to SpaceX's long-term plans. The fully reusable rocket is expected to launch the company's next-generation Starlink satellites and support NASA's Artemis program by carrying astronauts to the Moon.Starship launch called offThe latest selloff followed the cancellation of SpaceX's first Starship launch since the company went public. The launch was originally scheduled for July 16 from the company's Starbase facility in South Texas. Elon Musk said in a post on X that "Some of the engines didn't start, triggering an automatic launch abort." He added that the company would try again, targeting early next week for the next launch attempt.Get the latest technology news and updates. Download the TOI App.