SpaceX shares plunge after IPO, erasing gains as private-market hype and crypto link emerge

SpaceX shares have fallen sharply since their IPO, with reports citing a 13% plunge and the stock dipping below the IPO price as the decline extended to multiple sessions. Separate coverage said the selloff has wiped out nearly all post-IPO gains within a week, with valuation falling from about $3 trillion on June 16 to about $2.04 trillion by June 23 ^{[1] [2] [3]}.

The stock’s rapid reversal has also been framed as part of a broader speculative dynamic linking SpaceX-themed exposure to crypto market activity, according to one report that describes “crypto rails” tracking private-market hype. Another article reported that Cathie Wood’s ARK Invest bought additional SpaceX shares after the downturn, with the purchase described as $32.5 million following a drop of more than 16% ^{[4] [5]}.

Overall coverage depicts heightened volatility for SpaceX immediately after its IPO, with losses accelerating across both price- and valuation-focused reporting ^{[1] [2] [3]}.