SerpApi.Org
SpaceX has shed more than $1 trillion in market capitalization since reaching its peak a little over a month ago, slipping further down the ranks of the largest U.S. companies.
The company — which houses artificial-intelligence, rocket-launch and satellite-internet businesses — was once ranked as high as No. 5 in market value among U.S. companies, ahead of Amazon.com and closing in on Microsoft
But SpaceX fell below Meta Platforms on Monday, making it the eighth-largest U.S. company, according to Dow Jones Market Data. It had moved behind Broadcom last week for the first time as its stock broke below its initial-public-offering price.
Opinion: SpaceX gave investors intense FOMO. Now the decade’s hottest IPO represents a brutal reality check.
Shares of SpaceX closed lower on Monday, extending their losing streak to a seventh consecutive day, according to Dow Jones Market Data. The stock has shed 21% in value across that period. SpaceX’s market capitalization now stands at about $1.59 trillion, while Meta’s is at $1.64 trillion.
As a company, SpaceX has experienced setbacks lately. Last Thursday, it was forced to postpone the latest test of its Starship rocket after some engines failed to start, according to CEO Elon Musk. Two of those engines need to be removed and replaced before another launch can be attempted.
SpaceX had initially said it would pursue a new test as soon as Monday. However, on Sunday, it said it would aim to hold Starship’s 13th test as soon as Thursday — the day after Musk helms Tesla’s second-quarter earnings call.
Starship is necessary to achieve many of SpaceX’s goals, and most analysts covering the company warn that potential delays with the program pose a risk to its ambitious forecasts.
“Starship drives the connectivity pillar and the AI pillar,” Greg Pendy, who covers the space economy for Clear Street Research, told MarketWatch, referring to two of SpaceX’s three business segments. “Any push-out or delay really delays the growth story.”
The company also had to scrub a Falcon 9 rocket launch that was planned for Monday morning. In a statement, SpaceX said the vehicle and its payload “remain safe.”
While SpaceX’s stock has been declining, Meta’s has had a good month. The social-media company’s stock is up 14.7% in July, according to FactSet. Meta’s Muse Spark 1.1 model — its first that claims to provide near-frontier agentic coding capabilities — has been well received.
See more: EchoStar’s stock has fallen alongside SpaceX’s — but it may now be worth another look
Meta is also reportedly planning to become a neocloud provider, like CoreWeave or Nebius The company is in talks to lease computing power to the AI lab Anthropic in a deal that could be worth $10 billion, according to the New York Times. Anthropic has also purchased potentially tens of billions of dollars’ worth of compute from SpaceX through May 2029.
Read on: Meet Kimi K3, the newest Chinese AI model haunting Silicon Valley
