SpaceX shares fell roughly 5% in their first decline since the IPO, though they remain about 42% above the $135 IPO price, as a broader market selloff and low trading float created volatility.

What happened: SpaceX shares dropped about 5% after a volatile session in which the stock initially gained as much as 6% before reversing. The decline pushed the company's market capitalization to about $2.5 trillion（約400兆円）, making it the sixth-largest company in the world by value. Shares are still more than 42% above their $135 IPO price.

Why it matters: The stock's sharp intraday swings reflect an unusually small portion of SpaceX shares available to trade—only about 4.2% of total stock on day one. As lockup agreements (which prevent insiders from selling) expire in the coming months, there may be additional downside pressure. The broader market decline was triggered by the Federal Reserve's decision to leave interest rates unchanged and projections suggesting officials are split on whether to raise rates this year.

What to watch: SpaceX was the most-bought stock by retail investors each day since its IPO, matching the combined buying of Nvidia, Alphabet, Amazon, Meta, and major Nasdaq 100 and S&P 500 tracking ETFs over the same period. Analysts at Vanda Research suggest this could reflect a rotation from one Elon Musk–linked trade (Tesla, which saw roughly $61 million（約98億円） in net selling) toward SpaceX as a cleaner AI and tech exposure.