Shares of Elon Musk's space company SpaceX have shown a negative trend, with their value falling approximately 21% below the initial public offering level. The stock was down 2.94% to $110.16 per share, with a local trading low reaching $107.01, 20.7% below the initial offering price of $135.
As a result, the market capitalization of SpaceX has shrunk to $1.4 trillion, more than half of its all-time high of $2.97 trillion recorded on June 16. During its IPO, the company raised a record $86 billion, significantly surpassing the historical offering of Saudi Arabia's state corporation, Saudi Aramco, which raised $25.6 billion in 2019.
Founded by Elon Musk in 2002, SpaceX is an American aerospace manufacturer. In February of this year, the company executed a strategic merger with another venture of Musk's, AI developer xAI.
