SpaceX Loses Over $1 Trillion in Market Value Over 7 Days, Surpassed by Meta

According to MarketWatch, SpaceX (SPCX-US) has lost more than $1 trillion in market value since reaching a peak over a month ago, continuing to slide in the rankings of major U.S. corporations.

The company, which operates in artificial intelligence (AI), rocket launches, and satellite networks, was once the fifth-largest company in the U.S. by market cap, surpassing Amazon (AMZN-US) and closing in on Microsoft (MSFT-US).

However, according to Dow Jones market data, SpaceX was overtaken by Meta Platforms (META-US) on Monday, dropping to the eighth-largest company in the U.S. by market value. Last week, SpaceX was surpassed for the first time by Broadcom (AVGO-US), and its stock had already fallen below its IPO price.

SpaceX shares closed lower on Monday, marking the seventh consecutive trading day of decline. Over these seven days, the stock has fallen 21% cumulatively. SpaceX's current market value is approximately $1.59 trillion, while Meta's is around $1.64 trillion, officially placing Meta ahead of SpaceX.

SpaceX has recently faced multiple setbacks. On Thursday, CEO Elon Musk announced that the company had to delay its latest Starship test flight due to some engines failing to ignite properly. Two of the engines must be removed and replaced before another launch attempt can be made.

SpaceX initially said it could retest as early as Monday, but on Sunday revised its statement, saying the 13th Starship test flight would be delayed until at least this Thursday—the day after Musk hosts Tesla's (TSLA-US) Q2 earnings call.

Starship is critical to many of SpaceX's major future goals, and several analysts have warned that continued delays to the Starship program could impact the company's long-term growth expectations.

Greg Pendy, a space industry analyst at Clear Street Research, said, "Starship supports both SpaceX's connectivity and AI businesses. Any delay means the entire growth story gets pushed back."

In addition to Starship, SpaceX also canceled a Falcon 9 rocket launch mission scheduled for Monday morning. The company stated that both the rocket and its payload remain in a safe condition.

In contrast to SpaceX, Meta has performed strongly over the past month. According to FactSet, Meta's stock has risen 14.7% since July. One key positive factor is the market's favorable response to the company's newly launched Muse Spark 1.1 AI model.

Moreover, Meta is planning to become a new cloud service provider (Neocloud), similar to CoreWeave or Nebius. Meta is currently in talks with AI company Anthropic to rent out computing resources, a deal that could be worth up to $10 billion.

Notably, Anthropic continues to maintain a close partnership with SpaceX. Anthropic has purchased AI computing capacity from SpaceX worth potentially hundreds of billions of dollars, with the contract set to last until May 2029.