SpaceX shares plummeted more than 16% in a single day on Monday, June 22 (local time).
SpaceX, which debuted on the New York Stock Exchange on the 12th following the largest initial public offering (IPO) in history, closed at $154.60, down 16.4% from the previous trading session.
After surging for three consecutive trading days following its listing, the stock has now fallen for three straight days.
While the price remains higher than its IPO price of $135, it is 31.5% lower than the intraday high of $225.64 reached on the 16th.
The sharp decline in share price wiped out approximately $400 billion in market capitalization, equivalent to about 615 trillion Korean won.
This marks the second-largest single-day loss in market value in the history of the New York stock market.
SpaceX's market capitalization stood at $2.03 trillion at the close of the day.
The sharp drop appears to be driven by a surge in U.S. Treasury yields, fueled by growing expectations that the Federal Reserve may raise interest rates within the year.
The British daily Financial Times predicted that rising U.S. Treasury yields would negatively impact tech companies with high valuations, such as SpaceX.
Currently, SpaceX's stock is trading at over 100 times its revenue per share from last year.
Analysts suggest that because the market is heavily betting on future growth rather than current performance, the company is highly vulnerable to interest rate hikes.
Furthermore, some point to the limitations of the Starship program, noting that it has not yet reached technical maturity and that development timelines have been pushed back by several years due to multiple failures and delays.
The looming expiration of a large volume of lock-up agreements after this summer is also considered a major impending headwind.
JonesTrading, a brokerage firm specializing in institutional investors, assessed the situation, stating, "Everyone who wanted to buy SpaceX stock did so in the first few days after the listing," adding, "It seems like there is almost no one left to buy."
On this day, the yield on the 2-year U.S. Treasury note, which is sensitive to monetary policy, rose 0.05 percentage points from the previous session to 4.23%, hitting its highest level in over a year.
Reported by Kim Minjeong | Video by Lee Ui-seon | Graphics by Yook Do-hyun | Produced by SBS Digital News
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