tech
SpaceX closes nearly 1% higher, snapping three-day losing streak
Gains have been pared back at the space and AI company following an initial surge off of its record-breaking IPO.
TL;DR
- SpaceX shares closed up nearly 1% on Tuesday, ending a three-day skid.
- The stock had lost nearly 24% during the previous three days.
- Shortly after the market open, shares dipped below $150, the price of its first trade.
- The company's market cap briefly fell below $2 trillion.
- SpaceX experienced a $400 billion sell-off on Monday, dropping 16%.
- The company announced a senior unsecured notes offering and disclosed $100.8 billion in cash and cash equivalents as of June 19.
- SpaceX signed a computing power agreement with AI startup Reflection, providing access to Musk's Colossus infrastructure.
- SpaceX stock surged over 50% on its offering price after its IPO, but most gains had disappeared by the end of last week.