SpaceX shares recovered Tuesday after briefly falling below the price at which the stock opened during its public market debut.

The stock opened Tuesday at $150.96 before falling as low as about $147, slipping below its $150 opening price on June 12. Shares later recovered to trade near $157 at press time.

SpaceX remained above its $135 IPO offering price but below its first day closing price of $160.95.

The recovery followed the company’s worst session since going public. Shares fell 16.4% on Monday to close at $154.60, wiping approximately $400.8 billion from its market value.

The drop marked the second largest single day market capitalization loss recorded by a US company.

SpaceX began trading on June 12 after selling 555.6 million shares at $135 each. The offering raised about $75 billion and valued the company at approximately $1.75 trillion before trading began, making it the largest IPO on record.

Shares gained more than 19% during their first session and continued climbing over the following days. The stock reached an intraday high of $225.64 on June 16, briefly pushing SpaceX’s market value close to $3 trillion.

The rally briefly placed SpaceX ahead of Amazon and Microsoft by market capitalization before the stock reversed.

Shares have since fallen more than 30% from the intraday record as the initial trading frenzy cooled and concerns grew around the company’s valuation and capital requirements.

SpaceX generated $18.7 billion in revenue in 2025. At its peak valuation near $3 trillion, the company was valued at roughly 160 times its trailing annual revenue.

Pressure on the stock increased after reports that SpaceX bankers were preparing a bond offering of at least $20 billion.

The planned debt sale would refinance a $20 billion bridge loan taken out after SpaceX acquired Elon Musk’s artificial intelligence company xAI. The company is also investing heavily in data centers, computing hardware and power infrastructure.

SpaceX’s small public float has contributed to the volatility, allowing changes in trading demand to produce large movements in the stock.

ARK Invest was among the largest institutional buyers during the debut, purchasing nearly 3.3 million shares on the first trading day. The firm added another 210,121 shares following Monday’s selloff.

Despite the recent decline, SpaceX remains about 16% above its $135 IPO offering price. Tuesday’s recovery showed demand returning after the stock slipped below its debut opening level, although shares remain well below last week’s record high.