SpaceX drops more than 2% following $400 billion selloff

SpaceX shares fell more than 2% in premarket trading on Tuesday, following a $400 billion selloff on Monday as a post-debut rally fizzled out.

The space and AI company saw huge gains after a record-breaking IPO on June 12, briefly surpassing Amazon and Microsoft in market capitalization, before falling back below both as sentiment cooled.

The stock tanked 16% on Monday, following drops of 3.6% and 5% the previous two days of trading. SpaceX’s market cap was $2 trillion at close on Monday.

Shares were trading at 2.72% down as of 4.07 a.m. E.T.

The company announced on Monday a senior unsecured notes offering and disclosed that it had $100.8 billion in cash and cash equivalents on hand as of June 19.

That same day, SpaceX also revealed it has signed a major computing power agreement with open-source AI startup Reflection, providing the company with access to Elon Musk‘s Colossus infrastructure.

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