After a surge following its stock market debut—which briefly allowed the company to surpass Amazon and Microsoft in market capitalization—investor sentiment began to cool.
On Monday, SpaceX shares plummeted 16% after falling 3.6% and 5% in the previous two days. By the close of trading, the company’s market capitalization had reached $2 trillion. As of Tuesday morning at 4:45 a.m. Eastern Time, the stock continued to fall by 4.27%, according to CNBC.
The company announced the issuance of $100.8 billion in unsecured bonds and reported that as of June 19, it held the same amount in cash and cash equivalents. On the same day, SpaceX signed an agreement with Reflection, a startup developing open-source artificial intelligence. This agreement will give the company access to the Colossus infrastructure developed by Elon Musk.
Following an impressive debut, SpaceX’s stock rose by more than 50%, attracting investors interested in Musk’s ambitious plans. However, by the end of last week, the average profit for investors who had bought the company’s stock had virtually evaporated.
