SpaceX stock fell for a second consecutive session on Monday, erasing most of the gains the aerospace company posted after its market debut. Shares are trading near $138, not far above the $135 IPO price, after dropping below their $150 first-day trading level from June 12.
The pullback follows a brief surge that pushed the stock past $225 per share and lifted market capitalization to nearly $3 trillion at its June 16 peak. SpaceX has since shed roughly $800 billion in market value. The Starlink satellite internet division has underpinned the business through the volatility.
On the regulatory front, the Federal Aviation Administration cleared the way for Starship Flight 13 after reviewing a booster issue from a May test flight, saying SpaceX may proceed once remaining requirements are met.