SpaceX loses $1 trillion in market value in a month, falls from 5th to 8th

[Financial News] SpaceX, once seen as a leading AI stock, has shed more than $1 trillion in market value in just over a month and slipped to eighth place among U.S. companies by market capitalization. Repeated setbacks to the Starship launch schedule have also cooled expectations for growth in its AI business, while Meta Platforms has extended its rally on hopes for a successful new AI model and large-scale expansion.
According to MarketWatch on the 20th, local time, SpaceX had once climbed to fifth place among U.S. companies by market cap, overtaking Amazon and closing in on Microsoft. But it has since fallen sharply and now ranks eighth.
SpaceX was overtaken in market value by Broadcom Inc. last week and then by Meta Platforms on the same day. Last week, its stock also fell below the $135 IPO price for the first time.
SpaceX closed at $119.85 on the day, down 21.0% over the past seven trading sessions. Its market capitalization stood at about $1.59 trillion, below Meta Platforms' roughly $1.64 trillion.
The weak stock performance is largely attributed to delays in Starship development. A test launch scheduled for the 16th was postponed after some engine ignitions failed. SpaceX plans to replace the two problematic engines and try again as early as the 23rd. A Falcon 9 rocket launch scheduled for the 20th was also canceled.
Greg Fendi, an analyst at Clear Street Research, said, "Starship is a core pillar of the satellite internet and AI businesses." He added, "The longer the launch schedule is delayed, the more the growth story is delayed as well."
By contrast, Meta Platforms has continued to rise on expectations for its AI business. Its stock has gained 14.7% so far in July. The company has also received positive reviews for its new AI model, "Muse Spark 1.1," and is reportedly pursuing a deal to lease up to $10 billion worth of computing resources to AI startup Anthropic.
Anthropic is separately said to have signed a contract to receive tens of billions of dollars' worth of computing resources from SpaceX through May 2029. While the two companies remain partners in the AI infrastructure market, investors appear to be giving Meta Platforms a higher short-term growth rating.
[email protected] Kim Kyung-min Reporter