Shares of SpaceX dropped through the $150 threshold on Tuesday, a level that marked the company's opening trade on the Nasdaq $NDAQ at its market debut nearly two weeks earlier. The slide briefly pushed the company's market capitalization below $2 trillion.
At its lowest point during the session, the shares hit $146.88. The shares subsequently clawed back a portion of the decline, with the price settling around $153, according to MarketWatch. When SpaceX made its Nasdaq debut on June 12 under the ticker SPCX, the offering had been priced at $135 per share and the stock began trading at $150.
Tuesday's decline extended a four-session losing streak. Monday's session alone saw SpaceX shed 16% of its value, wiping out roughly $400 billion in market capitalization, according to CNBC. That came after back-to-back losses of 5% and 3.6% in the two preceding sessions, putting Tuesday's move as the fourth consecutive down day.
The selloff unfolded against a broader retreat in technology stocks. Nasdaq 100 futures pointed to a decline exceeding 800 index points, with the contracts down 3.1% on the session. Anticipated monetary tightening under Federal Reserve Chair Kevin Warsh has weighed particularly hard on technology companies whose valuations are sensitive to interest rates.
SpaceX's post-IPO run had been sharp. The stock gained more than 40% through its first two days of trading, briefly pushing the company's valuation past those of both Amazon $AMZN and Microsoft $MSFT before retreating. By the end of last week, most of those gains had disappeared.
In a separate Monday disclosure, SpaceX revealed it was sitting on $100.8 billion in cash and cash equivalents as of June 19, the same day it moved to raise at least $20 billion through its debut offering of senior unsecured notes. A deal granting open-source AI startup Reflection access to the Colossus computing infrastructure associated with Elon Musk was also disclosed by the company that day.
Even after the session's sharp move lower, the shares held a gain of more than 10% relative to their $135 offering price, according to Reuters.