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All-Time Low of $115 It's been a bruising couple of days. By Victor Tangermann Published Jul 22, 2026 3:06 PM EDT
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from the bleeding edge of science and tech Email address Sign Up Thank you! Shares of Elon Musk’s SpaceX are
continuing their weeks-long decline, hitting a new all-time low of around $115 by Wednesday afternoon. The scale of the
accumulating losses since the company’s hotly-anticipated IPO last month is staggering. The company has wiped out
over $1.1 trillion in market value since hitting an all-time high of $225 last month, and it’s possible that its
decline is just getting started. The rocket company has given investors little to grasp onto, apart from an
ever-optimistic Musk claiming that it could one day be worth more than the entire Earth. On Thursday, the company was
forced to scrub the launch of its Starship spacecraft because several engines failed to start — a perfect metaphor for
the company’s recent stock market performance. Meanwhile, countless short sellers are making billions by betting
against the company, adding plenty of downward pressure on the stock. Looming in the background is the second quarter
earnings call of Musk’s EV maker, Tesla, on Wednesday evening. The company has been burning through cash at an
alarming rate despite seeing sales and revenues jump. Analysts are still keeping close tabs on the chance that Musk may
fold Tesla into SpaceX, a merger of unprecedented proportions. Tesla will likely be facing plenty of questions about the
possibility during this week’s earnings call. “I think there’s over 80 percent chance that Tesla and
SpaceX get together in 2027,” tech analyst and longtime Tesla bull Dan Ives said in a note. “It’s the
logical move from a data engineering perspective and Musk ownership. It makes too much sense for it not to
happen.” The level of uncertainty is palpable. SpaceX is lining up its prototype Starship rocket for another
launch attempt on Thursday. Roughly a week and a half later, the company is expected to release its second quarter
financials, a major litmus test of where the company is headed. As Yahoo Finance notes, investors are interested in how
much the rocket company will be spending on AI products and the growth of its Starlink internet satellite business. What
likely won’t change is the fact that the company’s lofty valuation remains largely disconnected from its
ability to make any money. SpaceX lost almost $5 billion last year — and xAI, which was folded into the company when
it took over X-formerly-Twitter, lost a further $6.4 billion. More on SpaceX: SpaceX Is Learning a Nasty Lesson About
Going Public When Your Main Product Is Experimental Victor Tangermann Senior Editor I’m a senior editor at
Futurism, where I edit and write about NASA and the private space sector, as well as topics ranging from SETI and
artificial intelligence to tech and medical policy. TAGS IN THIS STORY Elon Musk Future Society The Industrialists Most
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Tangermann Elon Musk SpaceX Stock May Actually Be a Horrendous Investment By Joe Wilkins SEE MORE Sign up to see the
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