SpaceX Slides Below IPO Price as Tech Valuations Fall Under Fire

SpaceX shares have dropped 16.4% below their $150 launch price. The slide reflects a broader market shift: investors are skeptical that tech companies' massive spending on AI infrastructure will pay off. New listings feel this pressure hardest—they lack the earnings track record and automatic index support that shield established giants. SpaceX's actual business, launch services and Starlink broadband, isn't even AI-focused, yet sentiment in growth stocks drags it down anyway.