SpaceX Loses $600 Billion in Market Value on June 23 After Retail Flows Collapse Post-IPO

SpaceX began trading June 12 at an opening price of $150, quickly attracting $405 million in net retail purchases over the first five sessions according to Vanda Track data. The stock reached a record $225 on June 16, briefly surpassing Microsoft in market cap before three consecutive down days. Revenue breakdown shows Starlink connectivity at $11.39 billion against $4.1 billion in launch services and $3.2 billion in AI compute for 2025. Canaccord noted the shift from institutional AI enthusiasm to retail-driven positioning that placed SpaceX among the top six global market caps despite lower revenue than Tesla. Retail turnover dropped to near zero after the peak while Canaccord flagged an emerging layer of speculative air beneath the broader tech complex. The episode marks the largest single-day retail capital commitment to any IPO in recent records, exceeding combined Mag-7 flows for the same period. Trillions of shares scheduled for unlock create documented supply pressure that was absent from initial coverage focused on gamma-squeeze mechanics. Lock-up expiration timing and secondary sale windows will determine whether the valuation compression continues. Primary filings indicate early investor holdings remain subject to standard 180-day restrictions, yet forward sales agreements already filed with the SEC allow incremental distribution. Comparable post-IPO paths for high-growth infrastructure names show sustained pressure once retail accumulation exhausts.