SpaceX stock continues to tank on Tuesday. And, for the first time, the stock price for Elon Musk's space exploration company fell below its debut price.
However, it's not just SpaceX stock. Tech stocks across the board are falling today.
On Tuesday, SpaceX fell below $150, the price at which the stock debuted, following its IPO at $135 per share. That means any SpaceX investor who bought in after was in the red on Tuesday morning.
This marks the fourth consecutive trading day in which SpaceX stock has taken a tumble. Musk's company announced a $60 billion acquisition of the AI coding agent Cursor just days after SpaceX went public. The stock has been down every day since.
However, SpaceX is far from the only tech stock struggling today.
Mashable Light Speed
Alphabet, Amazon, Tesla, and Apple all fell on Tuesday as well. Even Nvidia, the company that has most benefited from the AI boom, is down more than 3 percent.
Chipmakers like Intel and Advanced Micro Devices fell 6.8 percent and 5.2 percent, respectively. Stock in memory chipmakers also fell, with Micron, SanDisk, Seagate, and Western Digital all down as much as 11 percent.
Signs seem to be pointing to investors having some reservations about AI, per reports. The current state of the global economy, in addition to concerns surrounding interest rate hikes, has also contributed to the selloff, CBS reports.
When it comes to anxiety about AI, though, many AI companies have yet to prove to investors that the hype around the technology will yield a return on investment. Companies like OpenAI are still struggling to generate significant revenue. Recent leaked documents show that OpenAI lost roughly $38.5 billion in 2025.
In the case of SpaceX, the hype surrounding its IPO, the largest in history, may simply mean that everyone interested in buying in has already done so, which may explain its sudden and sustained drop.
SpaceX acquired Musk's AI company, xAI. Giants like Google and Microsoft continue to go all in on AI. However, if the tech industry doesn't start showing investors some real results, tech stocks will likely continue into this downward spiral.