SpaceX shares fell 9% on Thursday, extending a two-session slide that reversed some of the gains from an explosive post-IPO run, according to CNBC. The stock had risen more than 40% through Tuesday's close after pricing its IPO at $135 per share, but Wednesday brought a 5% loss before Thursday's decline. By Wednesday's close, the company's valuation settled at $2.52 trillion, trailing Amazon, after briefly surpassing both Amazon and Microsoft at its peak on Tuesday. The IPO raised $75 billion, a record that surpassed Saudi Aramco's 2019 offering. SpaceX also announced the appointment of Roelof Botha to its board as an independent director, effective immediately, with a seat on the audit committee. Elon Musk holds more than 82% of voting power and a personal stake valued at over $1 trillion, giving him near-total authority as chairman, CEO, and technology chief. The company recorded $18.7 billion in revenue in 2025 but posted a net loss of $4.9 billion, with losses continuing into 2026 with an additional $4.28 billion through the first quarter. Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, told CNBC that investors are trading the excitement around Musk, but fundamentals will eventually need to catch up.
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