Bad news for SpaceX shareholders and the wider AI-driven tech market, as the stock keeps sinking and warning signs pile up across the sector.

• SpaceX has dropped below both its opening and IPO prices, leaving even early buyers underwater on a company that is still losing billions.
• The stock is being punished because it trades at a sky-high valuation while revenue growth slows and losses grow.
• To bring in cash, SpaceX is rushing into the AI data center business with deals from Anthropic and Google, but that adds to an already glutted market and pushes AI prices lower.
• Rising interest rates make borrowing far more expensive, and SpaceX needs to borrow tens of billions it does not have.
• A flood of new shares is set to unlock in the coming months, and short sellers betting against the stock are already sitting on big profits.

Outlook: Unless a big win like a successful Starship launch turns things around, SpaceX looks set to fall further, and cracks in it may signal trouble for the whole US tech bubble.