SpaceX Corp (NASDAQ:SPCX) shares rose 2.5% on Tuesday, offering a partial reprieve after a brutal two-day selloff that wiped more than $600 billion from the rocket and satellite company's market value and marked one of the most dramatic reversals ever seen in a newly listed mega-cap stock.
The rebound follows a near-16% decline since the company's IPO earlier this month, pushing shares below their first-day opening price of $150 and threatening to pull the Elon Musk-led company's market capitalization below $2 trillion.
Monday's session alone erased roughly $400 billion in market value, the second-largest single-session loss on record after Nvidia's approximately $590 billion plunge last year.
"SpaceX shedding more than $600 billion in value and over 30% from its post-IPO peak marks one of the most dramatic reversals ever seen in a newly listed mega-cap stock, dragging the whole technology sector down with it," said Axel Rudolph, chief technical analyst at IG.
Despite the turbulence, SpaceX shares remain roughly 10% above their $135 IPO price.
