SpaceX shares fell below the company's IPO price of $150 as a wider rout in tech stocks continues.
Concretely, the stock stood below $149 a share at 9:45 a.m. ET, falling almost 4%, it's fourth decline in a row.
Markets are sharply lower on Tuesday, with the S&P 500 dropping almost 1.3% and the tech-heavy Nasdaq Composite dropping 1.88%. Stocks had already dropped on Monday, with the former falling 0.4% and the latter by 1.3%.
The tech-heavy index was dragged by large tech names, including chipmakers. CNBC Noted that Alphabet shares declined by 5% after top AI officials left the company.
The outlet said that the president of engineering and co-lead of its Gemini models, Noam Shazeer, is leaving to join OpenAI. John Jumper, DeepMind vice president and engineering fellow, said he is leaving as well and joining Anthropic.
South Korea's KOSPI index stood out on Tuesday, dropping 10% in the session. It was the steepest drop in more than three months and comes after a record on Monday.
Market giants Samsung and SK Hynix each fell more than 12%, triggering an index-wide trading halt in the afternoon, Reuters noted. The two companies make up for more than half of the index's market value.
The outlet also noted that the head of the country's market watchdog, Lee Chan-Jin, said the government was too quick to approve leveraged funds tied to some of the most well-known stocks that were introduced last month.
SpaceX has been declining for four sessions in a row. The company announced a bond sale on Monday, saying it will use the funds to pay for bridge financing and general purpose needs.
CNBC noted that last week there were reports claiming that the company was seeking to raise about $20 billion in the bond sale to also fund its AI plans, which include potentially building data centers in space.
The company also announced last week it agreed to Anysphere, the company behind the coding platform Cursor, in a deal valued at $60 billion, marking one of the largest transactions involving a software company this year.
The company said the acquisition is expected to close during the third quarter of 2026, subject to customary conditions, Reuters noted.
Anysphere operates Cursor, a coding platform that has gained widespread adoption among software developers. The product is designed to assist with software development tasks and has emerged as one of the most prominent developer-focused tools in the technology sector.
