Shares of SpaceX tumbled below their initial public offering price on Monday, part of a sweeping tech sell-off that wiped out $600 billion in market value. The stock later recouped some losses, closing 2.4 percent higher after the intraday plunge.
The decline marks a stark reversal for the aerospace company, which debuted on public markets just months ago to strong investor demand. The broader technology sector faced pressure from rising interest rates and disappointing earnings reports from major players.
Al Jazeera reported that the $600 billion figure represents the total value erased across the tech sector during the session. SpaceX's recovery was modest relative to the scale of the sell-off, with shares ending the day just above their listing price.
The sell-off hit high-growth and speculative stocks hardest, underscoring investor jitters about valuations in a tightening monetary environment. Analysts warned that further volatility could test SpaceX's ability to maintain its premium pricing.
Some market participants suggested the recovery was driven by bargain-hunting rather than a fundamental shift in sentiment toward SpaceX or tech stocks more broadly.