SpaceX’s free fall takes no prisoners for ETFs

InvestorDaily

Just over a month out from its record-breaking debut, SpaceX closed below its initial public offering (IPO) price for the first time this week. On 15 July, shares in the space technology and AI company fell 1.5 per cent to close at US$134, slipping below the US$135 IPO price set when it debuted on the Nasdaq on 12 June. The price at closure came ahead of the company’s planned Starship launch on 16 July, its first space mission since listing publicly, which has since been pushed back.

The company is also expected to issue its first earnings report as a public company in the coming weeks. Despite a strong market debut that saw shares surge 19 per cent on the first day of trading to as high as US$193, the stock has since followed a largely downward trajectory. The decline has come even after the company was added to the Nasdaq 100 and Russell 1000 indexes, a move made possible by controversial rule changes that brought forward its eligibility for inclusion.

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