SpaceX's stock has experienced a significant decline, falling below its $135 IPO price and losing approximately $320 billion in market value since its debut. The downward trend accelerated after the company called off its first Starship launch since going public, which was scheduled for Thursday at its Starbase facility in South Texas.

CEO Elon Musk attributed the launch abort to engine issues, stating that the company would attempt another launch early next week, involving the replacement of two Raptor engines. This marks a setback for Starship's return to flight following a previous booster mishap in May.

Starship is crucial for SpaceX's future, including launching Starlink satellites and supporting NASA's Artemis program for lunar landings. The stock's decline is also influenced by upcoming lockup expirations, which will permit employees and early investors to sell a substantial number of shares, starting after the first quarterly report in August.