Space Exploration Technologies Corp. Class A Common StockSPCX
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Impact on stocks 1
Space Economy
Space Exploration Technologies Corp. Class A Common StockSpace Exploration Technologies Corp. Class A Common StockSpaceX stock has dropped 23% since its July 7 addition to the Nasdaq-100 index, with a $5,000 investment at that day's close now worth about $3,856. Shares closed at $149.47 on the first trading day as an index member and fell to $115.26 by July 22. The decline reflects profit-taking after the company's record-breaking June 12 IPO, concerns over its valuation above $2 trillion, and scrutiny of heavy capital spending and operating losses. SpaceX was fast-tracked into the Nasdaq-100 less than a month after going public, triggering automatic buying from passive funds that track the index.