SpaceX shares sink to all-time low, lose half their value from peak

Shares of US aerospace company SpaceX fell 4% on Monday to an all-time low of $110.47, extending their sharp decline since the company’s stock market debut last month.

At the latest level, the stock was about 18.1% below its initial public offering price of $135 as of 10.25 am EDT (1425GMT), and nearly 51% lower than its record high of $225.64 shortly after the listing.

SpaceX began trading on the Nasdaq and Nasdaq Texas exchanges under the ticker SPCX on June 12. The company sold about 555.6 million shares at $135 each, raising approximately a record high of $75 billion through the offering.

The shares initially surged following the debut but later reversed course, falling below the IPO price in mid-July amid a broader retreat in technology stocks and concerns over the company’s valuation.

The company is scheduled to release its second-quarter financial and operational results after US markets close on Aug. 4.