Elon Musk’s SpaceX shed $400bn in market value on Monday in a fresh bout of volatility for the rockets and AI company following its record-breaking Wall Street debut.
SpaceX shares ended Monday down 16.4 per cent at $154.60, leaving them 31.5 per cent below the high struck after the group’s $86bn initial public offering on June 11. The shares were listed at $135.
The sharp reversal in SpaceX shares comes as US government bond yields have risen sharply on expectations the Federal Reserve will need to raise interest rates in the coming months to tame inflation. Higher yields on ultra-low-risk Treasuries are caustic for richly valued tech groups such as SpaceX, which trades at more than 100 times its revenue last year.
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