SpaceX shares seesawed in premarket trading on Tuesday, following a $400 billion sell-off on Monday as a post-debut rally fizzled out.
The space and AI company saw huge gains after a record-breaking IPO on June 12, briefly surpassing Amazon and Microsoft in market capitalization, before falling back below both as sentiment cooled.
The stock tanked 16% on Monday, following drops of 3.6% and 5% the previous two days of trading. SpaceX’s market cap was $2 trillion at close on Monday.
Shares were down 1% as of 8.26 a.m. ET.
SpaceX stock.
The company announced on Monday a senior unsecured notes offering and disclosed that it had $100.8 billion in cash and cash equivalents on hand as of June 19.
That same day, SpaceX also revealed it has signed a major computing power agreement with open-source AI startup Reflection, providing the company with access to Elon Musk‘s Colossus infrastructure.
SpaceX’s stock surged after its blockbuster debut, with shares rallying more than 50% on their offering price, as investors scrambled to buy into Musk’s lofty ambitions for the company.
But by the end of last week the average investor who bought SpaceX shares had seen nearly all of their gains disappear.