In the United States, Space Exploration Technologies Corp. (SpaceX), trading under the ticker SPCX, has suffered a six-session losing streak that has erased nearly $1 trillion in market capitalization from its peak valuation. The selloff follows the company’s highly anticipated initial public offering earlier this year, which had driven its valuation to unprecedented levels amid intense investor enthusiasm. Sentiment shifted sharply after a high-profile Starship test launch recently failed, with the vehicle exploding shortly after liftoff. The incident underscored the technical and financial risks facing SpaceX, prompting many fund managers to cut exposure and fueling wider concerns about lofty technology valuations.

By James Porter | JQJO News