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SpaceX Shares Slide Back To IPO Price As Post-Debut Rally Fades

SpaceX shares fell back to just above $135 on Wednesday, returning to roughly the price set by Elon Musk and the company ahead of the blockbuster June 12 public offering, which raised nearly $86 billion.

After trading below the IPO price for much of the session and dipping under $133 at one point, the stock recovered modestly to close at $135.27.

A Fast Reversal After A Surging Debut

The latest decline extends a steady pullback that has followed SpaceX’s market debut. Shares briefly climbed above $200 in the days after the listing, lifting the company’s valuation close to that of technology giants including Amazon and Microsoft. Momentum has since faded, with the stock retreating almost every week.

Part of that volatility reflects the stock’s limited free float rather than investor sentiment alone. Only about 4% of SpaceX’s shares are currently trading on Nasdaq, making the stock more sensitive to heavy trading activity and shifts in market demand.

Investors Are Taking A Harder Look At The Story

Investors also appear to be reassessing Musk’s long-term growth narrative, mirroring a broader cooling in technology stocks over the past month. The decline has extended beyond the shares themselves, with bonds issued after the IPO also coming under pressure.

A prolonged selloff could have implications beyond SpaceX. The company’s valuation has become a key gauge of investor confidence in Musk’s ambitious growth plans and may influence demand for future high-profile technology listings, including those expected from Anthropic and OpenAI, both of which have confidentially filed for IPOs.

Starship Faces Its Next Test

Attention will now turn to Thursday’s Starship test flight, the first since SpaceX became a public company.

The launch also marks the programme’s first mission since a booster failure in May. As with previous development flights, the company does not plan to recover either the booster or the upper stage. Instead, both are expected to perform a controlled splashdown in the Gulf of Mexico, reflecting SpaceX’s long-standing approach of using repeated flight testing to refine the system.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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