#SpaceX暴跌16%市值蒸发4000亿 SpaceX falls for three consecutive days, evaporating 600 billion dollars, is Elon Musk's space stock market crashing? SpaceX collapsed. More precisely, the stock price collapsed!

On June 23, SPCX plummeted over 16%, with a market value wiped out by about $400 billion in a single day. This is the third consecutive trading day decline, with a total drop of over 23%, and a market value loss exceeding $600 billion.

Listed for only 11 days, the stock price dropped from an intraday high of $225 on June 16 to $154.6, approaching the IPO's first-day opening price of $150. Retail investors who bought at high levels have almost completely lost their paper gains.

Why did it fall?

1. The Federal Reserve turned hawkish, putting pressure on high-valuation tech stocks across the board. The market's expectation of an interest rate hike by the Fed this year increased, with the 2-year U.S. Treasury yield rising to 4.23%, a one-year high. SPCX's price-to-sales ratio based on last year's revenue exceeds 100 times; as the discount rate rises, the valuation collapses directly.

2. A $60 billion all-stock acquisition of Cursor. On June 16, SpaceX announced an all-stock deal to acquire AI programming tool Cursor's parent company. The large issuance diluted existing shareholders' equity by about 3.4%, prompting investors to start recalculating.

3. A $20 billion bond issuance is imminent. SpaceX is pushing forward with its first investment-grade bond issuance, with a scale of at least $20 billion. Analysts forecast that net debt will increase by over $60B by 2031.

4. The unlocking wave is the real test. During the initial listing, only about 4% of shares were actually tradable. After the Q2 financial report at the end of July, the first 20% will be unlocked; on December 8, the 180-day lock-up period expires, and the remaining shares will be fully unlocked, with early employees, venture capitalists, and underwriters all becoming potential sellers.

From the peak, it has fallen back 31.5%, losing 600 billion in three days. This is not a correction; it’s a re-evaluation of valuation logic.

How low does SpaceX need to go before you think “it’s worth a look”? Share your thoughts in the comments.