SpaceX Shares Turn Positive, Erasing Earlier Losses

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SpaceX Shares Turn Positive, Erasing Earlier Losses

Tiger Newspress06-23 19:26

SpaceX shares turned positive in premarket trading on Tuesday, erasing earlier losses.

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.

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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Bulla
·06-23 19:30
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