SpaceX Retreats 49.7% from June High, Tesla Q2 Operating Profit Plunges 57%; Musk Loses US$130 Billion in Five
SpaceX stock has tumbled about 49.7% from its June peak, erasing more than US$1.2 trillion in market value. Tesla also slid to a new low for 2026 after reporting second-quarter operating profit that fell 57% year-on-year despite record revenue. Elon Musk’s personal fortune shrank by roughly US$130 billion in five trading days, dropping below US$1 trillion as the value of his concentrated holdings in both companies declined sharply.
US stock market close data on July 28 showed that SpaceX shares extended their decline, nearly halved from the early post-IPO high, while Tesla hit a new low for 2026. In just one and a half months, SpaceX’s market capitalisation evaporated more than US$1 trillion, and Tesla’s year-to-date decline reached 31%. Elon Musk’s personal wealth shrank by about US$130 billion (approximately RMB 880 billion) in five trading days, causing him to lose his trillionaire title.
SpaceX debuted on Nasdaq on June 12 under the ticker SPCX, with an IPO price of US$135 per share. The base fundraising was US$75 billion, rising to about US$86.25 billion when the overallotment option was included, setting a global record for the largest IPO. On its first day, the stock closed at US$160.95, up 19.22%, and its total market value exceeded US$2.1 trillion. On June 16 it touched an intraday high of US$225.64, giving a market cap of around US$2.66 trillion and briefly ranking among the world’s top five listed companies by market value, surpassing Amazon. Thereafter the stock entered a one-way downward channel: it plunged more than 16% on June 22, wiping out about US$400 billion, and first fell below the US$135 IPO price in mid-July. At the July 27 close, SpaceX traded at US$113.50, a cumulative retreat of about 49.7% from the high, erasing more than US$1.2 trillion in market value.
On July 27, Tesla touched an intraday low of US$304, a new low since 2026. The financial report showed that Tesla’s second-quarter 2026 total revenue reached US$28.24 billion, up 26% year-on-year, and vehicle deliveries of 480,100 units were both record highs. However, operating profit was only US$398 million, plunging 57% year-on-year, and the operating margin fell to 1.4% from 4.1% a year earlier. Excluding regulatory credit revenue, the automotive gross margin slipped to 16.3%. To support projects such as autonomous driving, humanoid robots and AI supercomputing, second-quarter capital expenditure surged 142% year-on-year. Free cash flow turned negative for the first time in two years, with a net outflow of US$1.09 billion during the quarter.
Public equity data show that Musk owns about 13% of Tesla and roughly 42% of SpaceX. When SpaceX’s stock surged after listing, his net worth once exceeded US$1.4 trillion. With more than 90% of his net worth concentrated in the two stocks, as SpaceX’s market capitalisation halved and Tesla continued to slide, his wealth quickly fell below US$1 trillion.