Shares of Elon Musk’s aerospace and artificial intelligence company SpaceX tumbled nearly 9% on Thursday, as the wave of enthusiasm that followed its initial public offering appeared to be running out of steam.
The stock was last trading down 8.8%, settling at $174.80 per share. That came on top of a nearly 5% drop from the previous session. Even with those back-to-back losses, the stock continues to trade more than 29% higher than its IPO offering price of $135.
Just earlier this week, SpaceX’s total market value had climbed past that of Amazon and even briefly surpassed Microsoft, placing it among the five most valuable companies on the planet.
Adding to the company’s busy week of headlines, Bloomberg News reported Thursday that SpaceX’s banking team was gearing up for a bond sale of at least $20 billion. The company also announced earlier this week that it plans to acquire Anysphere — the startup behind the widely used AI coding tool known as Cursor — in an all-stock transaction valued at $60 billion.
