SpaceX stock tumbled 12% in Monday trading, pacing for a third consecutive day of losses. The decline follows a red-hot rally that began with the company's record-breaking IPO on June 12.
The selloff comes as the broader S&P 500 remained relatively unchanged, with oil prices also falling amid ongoing Iran war negotiations. Market participants are also eyeing a new acronym gaining traction: 'MANGOS,' which groups Meta, Apple, Nvidia, Google, OpenAI, and SpaceX together as a Big Tech basket.
Raymond James' vice president of ETF strategy, Mayuranki De, noted that 'Big Tech apprehension still exists,' suggesting investor caution may be spreading beyond the traditional tech giants to include newly public SpaceX. The stock's sharp reversal underscores the volatility inherent in high-profile IPOs.
Some analysts view the pullback as a healthy correction after an overheated debut, while others warn that the company's valuation may be pricing in unrealistic growth expectations. The coming days will test whether the selloff is a temporary shakeout or the start of a deeper trend.