SpaceX Plummets 6.83% to Record Low After Fastest Nasdaq-100 Entry in 15 Trading Days

SpaceX crashed 6.83% to $149.47 on July 7, marking its lowest price since its June 12 IPO, despite joining the Nasdaq-100 index on the same day—the fastest inclusion of any new stock in the index's history. The stock fell below its $150 opening price as the broader tech sector declined, with the Nasdaq Composite dropping 1.16% and the Philadelphia Semiconductor Index plummeting 4.65%.

The selloff persisted despite expectations that passive funds tracking the index would deploy approximately $4.3 billion in forced buying pressure. SpaceX's concentrated free float of only 4.3% amplified price volatility amid broader capital outflows from AI and semiconductor trades. Additionally, an environmental group's lawsuit seeking to shut down the Colossus 2 data center—citing incomplete permits for its power supply—threatens a $45 billion long-term contract with AI firm Anthropic, which holds a 90-day termination right if power delivery is interrupted.