SpaceX Stock Pulls Back After 40% Rally, Yielding $2.66T Valuation to Microsoft

MSFT•2026-06-17

SpaceX stock fell on Wednesday, halting a roughly 40% rally since its IPO priced at $135 and trimming its peak valuation from $2.66 trillion. That pullback returned Microsoft to the position of the fourth-most valuable U.S. company after SpaceX briefly surpassed it.

1. SpaceX IPO Rally Pauses

SpaceX shares dropped Wednesday after jumping roughly 40% from their $135 IPO price over four trading sessions, dialing back a market capitalization that had reached $2.66 trillion by Tuesday's close.

2. Microsoft Reclaims Fourth-Most Valuable U.S. Company Status

The decline in SpaceX stock restored Microsoft's position as the fourth-most valuable U.S. company, reversing a brief period during which SpaceX overtook both Amazon and Microsoft in market valuation.