SpaceX stock rose about 2% on Tuesday after briefly falling below the $150 price recorded at the start of its public trading debut. The early decline pushed the company’s market value below $2 trillion before buyers returned later in the session.
The rebound followed a sharp 16.43% drop on Monday. Investors assessed the company’s planned bond sale, its recent AI computing agreement and wider weakness across technology stocks. Despite the recent fall, SpaceX shares still traded above the $135 initial public offering price.
SpaceX shares fell as much as 5% in early trading, reaching about $147. The move placed the stock below its June 12 opening price of $150. It also marked a steep reversal from the gains recorded after the company’s record public listing.
The stock later turned positive and gained about 2%. SpaceX had closed Monday at $154.60 after losing 16.43% in one session.
The decline erased nearly $400 billion from its market value, while three straight losing sessions removed more than $600 billion.
SpaceX shares had rallied more than 50% above the $135 IPO price soon after the listing. The surge briefly lifted its valuation above Amazon and Microsoft. Nevertheless, much of that early gain disappeared as investors took profits and enthusiasm around the debut eased.
Trading volume reached about 165 million shares on Monday. This figure stood below the average of more than 268 million shares. Meanwhile, a neutral rating from KeyBanc added to cautious trading after the fast post-IPO rise.
SpaceX announced plans to sell senior unsecured notes in its first investment-grade bond offering. Market expectations point to a deal worth at least $20 billion. The company plans to use part of the proceeds to repay borrowings under an existing bridge loan facility.
The bond sale could mark the start of wider borrowing to fund SpaceX’s artificial intelligence and infrastructure plans. The company reported $100.8 billion in cash and cash equivalents as of June 19, giving it a large cash position as it prepares new investments.
SpaceX also disclosed a computing agreement with open-source AI startup Reflection AI. The contract gives Reflection access to the company’s Colossus computing infrastructure. Reports valued the agreement at “up to $6.3 billion,” although the final amount may depend on usage and other contract terms.
The deal adds another source of demand for SpaceX’s computing network. However, investors are still assessing the costs associated with AI expansion, debt financing, and infrastructure development. Technology stocks also faced broader selling pressure, which weighed on Nasdaq 100 futures.
Cathie Wood’s Ark Invest bought 210,121 SpaceX shares worth about $32.5 million after Monday’s decline. The investment company spread the purchases across four exchange-traded funds, including ARK Innovation ETF and ARK Autonomous Technology and Robotics ETF.
ARK Innovation ETF acquired 131,837 shares, while ARK Autonomous Technology and Robotics ETF bought 43,486 shares. ARK Next Generation Internet ETF added 21,506 shares, and ARK Space Exploration and Innovation ETF purchased another 13,292 shares.
The latest transactions increased Ark Invest’s exposure to SpaceX after its large IPO purchase. ARK Innovation ETF now holds about 1.63 million SpaceX shares valued at nearly $301 million. Ark had also acquired roughly 3.3 million shares across its funds at the time of the listing.
Elon Musk has said SpaceX could reach “$1 trillion in annual revenue by 2030.” Cathie Wood has separately placed a “$2.5 trillion” valuation target on the company by that year. These figures remain forecasts and depend on future revenue growth, execution, and market conditions.
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