SpaceX shares fell sharply. The strong rise immediately after the listing has eased, and the stock appears to be extending a correction. On June 22, CNBC reported SpaceX shares closed at $154.60 on the Nasdaq. That was down 16.43 percent from the previous day. The price was more than 30 percent below the intraday all-time high of $225.64 set on June 16, but it still stood above the IPO price of $135.

The market views the decline largely as a pullback after a strong rally right after the listing. SpaceX shares surged in the first 2 trading days after a record IPO on June 12. In the process, its market value topped Amazon, and it briefly overtook Microsoft last Tuesday before slipping back below both companies.

The market is simultaneously pricing in overheated expectations after the listing and the burden of results. Bulls are placing big bets on forecasts that chief executive Elon Musk (일론 머스크) will drive long-term profits. But SpaceX posted a net loss of $4.9 billion in 2025 and recorded a loss of $4.28 billion in the first quarter this year.

The steep drop is not due to a single event. News of a company bond sale worth at least $20 billion was the immediate trigger. But the market read it as a sign of concern about insufficient cash generation relative to the pace of AI infrastructure investment, given that the company turned to borrowing again less than a month after raising $75 billion through its IPO. A phased release schedule for lock-up expiries in the second half of the year is also weighing as potential selling pressure. Up to 30 percent is set to be released from right after the first-quarter earnings announcement, with an additional 35 percent to be gradually sold through day 135.

The market's next focus is how much the listing premium will hold. SpaceX rose to become one of the world's most valuable companies on explosive demand immediately after the listing. But the recent correction shows it is hard to avoid short-term volatility on long-term growth expectations alone. With losses still large, a key point to watch is how far expectations around Musk can support the share price.