SpaceX shares drop 5% premarket to $147 after $400B loss
SpaceX shares dropped 5% in premarket trading on Tuesday, landing at $147, below their opening-day price of $150.
This follows a huge $400 billion loss in market value on Monday, marking the second-biggest single-day drop ever for the company.
After three days of losses, SpaceX is now close to dipping below a $2 trillion valuation.
AI memory chip slowdown hits markets
The SpaceX slide is part of a wider tech selloff: Nasdaq-100 futures fell 2.6%, S&P 500 futures dropped 1.4%, and South Korea's Kospi Index plunged more than 8%.
Big names like SK Hynix and Samsung Electronics took hits after reports about slowing expansion of AI memory chip production.
Even with all this turbulence, SpaceX shares are still about 10% above their IPO price of $135, but ongoing concerns around AI continue to rattle the market.