SpaceX shares fall to record low after Starship test launch cancellation

Shares in Elon Musk’s SpaceX fell sharply after the U.S. market opened, reaching their lowest level since the company began trading publicly five weeks ago.

The decline came after the cancellation of a planned Starship test launch. SpaceX shares, which debuted at $135 following a record-breaking initial public offering, had climbed to $225 before retreating to $124.50, according to the latest figures. The intraday decline at one point exceeded 6%, Caliber.Az reports per the data.

Following its IPO, SpaceX briefly ranked among the world’s four largest companies by market capitalisation. It has since fallen to ninth place.

Musk also lost his status as the world’s first trillionaire, a position he had reached after SpaceX’s June IPO.

By Sabina Mammadli