SpaceX stock has fallen to a record low, marking a sharp reversal for the company that staged the largest initial public offering in history on June 12. The shares debuted at $150 and briefly topped $225, but have since lost roughly half their peak value, slipping below the $135 offering price.
Combined with Tesla, the two companies have shed $1.5 trillion in market capitalisation since mid-June. Short sellers have capitalised on the decline, pocketing nearly $8 billion in paper profits as roughly 30% of tradeable shares are now sold short.
Attention now turns to SpaceX's second-quarter results on August 4, with 911.5 million shares set for release the following trading day. Implied volatility remains elevated, and options markets are pricing in a 15% post-earnings move.