SpaceX stock drops again after rally following blockbuster IPO

SpaceX's stock experienced a decline of over 3% in premarket trading on Monday, marking a continuation of a downward trend following a significant rally after its record-setting IPO. At 5:04 a.m. ET, shares were down by 3.53%. Elon Musk's aerospace and artificial intelligence company reached remarkable heights after its high-profile listing on June 12, quickly becoming one of the most valuable firms globally. Following its debut, the stock price surged, briefly pushing SpaceX's market capitalization above that of both Amazon and Microsoft. However, this momentum did not last. The company’s shares fell by 5% on Wednesday and 3.6% on Thursday of the previous week, ahead of the Juneteenth holiday. Despite these recent losses, the stock remained 37% higher at the close of trading on Thursday compared to its initial offering price of $135. This situation is still evolving, and further updates are anticipated.