SpaceX drops more than 2% following $400 billion selloff
SpaceX shares fell more than 2% in premarket trading on Tuesday following a massive $400 billion selloff on Monday as its post-IPO rally fizzled out. The space and AI company had seen huge gains after a record-breaking IPO on June 12, briefly surpassing Amazon in market capitalization. The sharp reversal has rattled investors who bought in near the stock's peak.
The Atomic take
A $400 billion single-day drop after a June 12 debut shows how thin the support is for valuations built on AI promises stacked atop launch revenue, and anyone who bought near the Amazon-topping peak is now underwater fast. Before treating this as a buying opportunity, watch whether the selling reflects locked-up insiders cashing out or genuine doubt about Starship economics and Starlink marg
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