SpaceX shares drop below debut price before jumping amid $600bn sell-off

SpaceX shares fell below their initial offering price on May 28, 2024, a decline that erased approximately $600 billion in valuation. This drop occurred amidst broader turbulence in the technology market, which saw significant sell-offs. However, the company's stock later recovered, climbing 2.4 percent by the end of the trading day. The initial offering price was set at $81 per share, and the stock dipped to $79.60 before rebounding. This volatility highlights the sensitive nature of private market valuations in response to public market trends and company-specific news. The company's valuation had previously reached an all-time high of $180 billion in late 2023. The recent market conditions have led to a reassessment of valuations across the tech sector, impacting even established private companies like SpaceX.