SpaceX Shares Fall 9.05% in Broad Technology Sell-Off

SpaceX drops below its IPO price

SpaceX shares tumbled 9.05% to $123.62 during Thursday’s trading, falling below the company’s $135 IPO price for the first time in months. The reported decline placed SpaceX among the technology stocks affected by a broad sell-off that spread beyond the artificial-intelligence sector.

The move followed sharp losses across major US equity indexes. The Nasdaq Composite fell 5.5%, the Dow Jones Industrial Average dropped 3.5% and the S&P 500 declined 4.35%. Investors.com attributed the session’s losses partly to concerns that Democratic election victories could delay or block additional data centers, although SpaceX’s specific decline was not separately explained.

Technology stocks bear the brunt

The sell-off hit several prominent technology and AI-related names. Sandisk fell 22.3%, Bloom Energy dropped 16.4%, CoreWeave lost 9.8%, Nvidia declined 9.3% and Taiwan Semiconductor fell 10.8%. SpaceX’s 9.05% decline was smaller than Sandisk’s but larger than the declines reported for CoreWeave and Nvidia.

The losses were not limited to chip and AI companies. Software, retail, housing, financial and travel stocks also declined, while the Russell 2000 fell 4.45%. The Invesco S&P 500 Equal Weight ETF dropped 2.9%, underscoring the breadth of the session’s decline.

Futures pointed to a partial technology rebound

In overnight trading after the regular session, Dow Jones futures were down 0.6% relative to fair value. S&P 500 futures were roughly flat, while Nasdaq-100 futures rose 0.4% as some AI stocks attempted a rebound. The reporting cautioned that overnight futures moves may not translate into the next regular trading session.

The October jobs report was scheduled for release at 8:30 a.m. ET. Economists expected nonfarm payrolls to increase by 62,000 after September’s 29,000, with the unemployment rate remaining at 4.2%, according to the reviewed coverage.