SpaceX (SPCX) was down 4.31% in premarket trading at 6:17 a.m. ET on Monday, extending a two-session losing streak that has steadily eroded the gains built during the stock’s explosive debut, CNBC’s Kai Nicol-Schwarz reported. The slide marks the third session of selling pressure since the company’s record-breaking IPO on June 12, and has wiped out nearly all open-market gains for investors who bought shares after the initial listing.
The pullback comes fast. SpaceX priced its IPO at $135 per share, surged on its first two full trading days as a public company, and briefly pushed its market capitalisation above both Amazon and Microsoft on the Tuesday following the debut — before falling back below both names, Nicol-Schwarz reported. Then came the reversal: the stock fell 5% on Wednesday and a further 3.6% on Thursday. By Thursday’s close — the last full session before the Juneteenth holiday on Friday — SPCX was still up 37% from its IPO price. Monday’s premarket drop, if sustained, chips further into that cushion.
The Gap Between the Story and the Numbers
Some market participants have focused on the contrast between investor enthusiasm surrounding the IPO and the company’s reported financial results.. Bullish investors, per CNBC, are betting on CEO Elon Musk driving long-term returns at a company that is simultaneously a space launch provider and an artificial intelligence firm. The IPO delivered on spectacle: Musk became the world’s first trillionaire on the back of the listing, thousands of early employees and investors were minted as millionaires, and some stakeholders crossed the billion-dollar threshold in individual holdings.
The financials, however, run the other direction. SpaceX posted a $4.9 billion net loss in 2025, and followed that with a $4.28 billion loss in the first quarter of 2026, CNBC’s reporting showed. For a company valued at a premium to Amazon and Microsoft at its peak intraday print, those figures have prompted discussion among market participants regarding valuation expectations and future growth assumptions. .
. The recent decline has coincided with increased attention on the company’s valuation and financial performance, although market movements can be influenced by multiple factors.
The average investor who bought SPCX in the open market after the June 12 debut had seen nearly all of their gains disappear by the end of last week, according to Nicol-Schwarz. The IPO-price holder is still well in the money at 37% above the $135 entry — but the crowd that chased the opening pop is sitting on a very different position.
A Debut That Moved Benchmark Comparisons
The brief moment when SpaceX’s market cap surpassed Amazon’s is worth holding for a second — not as a milestone, but as a data point about how aggressively the initial rally was priced. Both AMZN and MSFT are referenced in the CNBC article’s ticker list alongside SPCX, reflecting the direct benchmark comparison made during the debut week. SpaceX falling back below both by the time the first week closed tells the story of the post-IPO positioning unwind in one line.
The Juneteenth holiday on Friday compressed the trading week to four sessions, which means the two down days — Wednesday and Thursday — represented half of all available price discovery time since the debut. There was no Friday session to absorb or stabilise the move. Monday’s premarket print of down 4.31% suggests the selling has carried over a three-day weekend without a catalyst to reverse it.
What Could Change the Picture
The bear case here is anchored in the loss figures: back-to-back years of multi-billion-dollar net losses, with Q1 2026 already at $4.28 billion, put the company on a pace that will test even patient capital. Some analysts and investors focus on the company’s reported losses and future path to profitability when assessing valuation. .
Supportive views of the company are often linked to expectations regarding future growth opportunities and the long-term development of its businesses. . Musk’s track record of converting loss-making ventures into category-defining businesses — and the scale of SpaceX’s launch manifest, Starlink subscriber base, and AI-related operations — gives longer-horizon holders a thesis that does not depend on near-term earnings..
What the current tape does show: open-market buyers from debut week are effectively flat or negative, and the stock entered Monday’s premarket session trading below recent levels following losses recorded during the prior week, CNBC reported.
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