SpaceX stock drops to a new low and loses $1 trillion in value in a month

The latest drop came after SpaceX called off its first Starship launch since going public, which had been planned for Thursday at the company's Starbase facility in South Texas.

"Some of the engines didn't start, triggering an automatic launch abort," CEO Elon Musk said in a post on X, adding that the company would try again, with a targeted launch timing of "early next week." Starship carries much of the weight of SpaceX's future plans. The fully reusable rocket is designed to launch its next generation of Starlink satellites, and NASA has contracted a modified version of the vehicle to land astronauts on the moon under its Artemis program.

Looming lockup expirations have also weighed down the stock. Rank-and-file employees and some early investors will be able to sell 911.5 million shares shortly after SpaceX's first quarterly report, expected in August, the first in a series of selling restrictions set to lift in the coming months.

The drop means investors who bought at the IPO price are now underwater.