The world’s richest person, Elon Musk, has lost more than half a trillion dollars from his fortune in just five weeks as shares of SpaceX tumbled to their lowest level since the company’s stock market debut. The sharp decline comes as investors weigh a series of operational setbacks and await the company’s first earnings report as a publicly traded company.

According to the Bloomberg Billionaires Index, Musk made history on June 12 by becoming the world’s first trillionaire after SpaceX debuted on the Nasdaq at $150 a share, giving the rocket maker a market value of nearly $2 trillion. Since then, his fortune has fallen by $528 billion, dropping from $1.32 trillion on June 16 to $792 billion at the time this report was prepared.

SpaceX rout signals caution for tech IPOs

The decline largely reflects SpaceX’s share price. Musk owns about 42 percent of the company and controls roughly 82 percent of its voting power through Class B shares. Since reaching a record high above $225 shortly after its mid-June initial public offering, the stock has fallen about 47 percent, wiping out hundreds of billions of dollars in market value.

The latest wave of selling followed a string of setbacks in the company’s launch program. SpaceX called off a Falcon 9 mission that was set to carry 24 satellites into orbit from Vandenberg Space Force Base in California. Days later, it also halted a planned Starship flight test, raising fresh questions among investors about the pace of development of its next-generation launch system. SpaceX is expected to make another attempt at the Starship test flight on Thursday.

The sell-off has also become a key signal for other high-profile tech companies considering stock market listings, particularly in the artificial intelligence sector. After SpaceX’s disappointing market performance, investors have become more selective toward newly listed companies, a shift that could prompt some IPO candidates to delay or reassess their listing plans.

What investors expect from SpaceX earnings

Attention is now turning to SpaceX’s first quarterly earnings report as a public company, which is expected in August, although the company has yet to announce a release date. Investors will be looking for details on revenue, profitability, launch activity, and spending, hoping the results offer a clearer picture of the company’s financial performance and near-term outlook.

The report is also expected to shape sentiment on whether the recent decline represents an attractive entry point for investors or reflects broader concerns about the company’s valuation. Another key milestone will come when restrictions on roughly 911.5 million shares held by employees and early investors expire.

The first lock-up period is expected to end on the second trading day after the earnings report, an event that could increase the supply of shares available for trading. Ahead of Tuesday’s market open, SpaceX shares extended their decline, falling 3.34 percent in premarket trading to $119.85.