SpaceX's Tuesday rebound was short-lived, with shares sliding to a new low of $110.85 late Thursday morning and extending their brutal post-IPO selloff.

At a current market capitalization of roughly $1.479 trillion, SpaceX has erased about $1.16 trillion, or 44%, since its valuation peaked at $2.639 trillion on June 23.

Shares are also trading well below the company's $135 IPO price, underscoring how quickly investor enthusiasm has evaporated.

The chart shows  a selloff across SpaceX's capital structure:

• Black line, right axis: SpaceX shares, down from $157.68 on June 29 to about $111.39, a decline of roughly 29%.
• Blue line, left axis: SpaceX's 6.65% senior unsecured bonds due 2056, down from roughly 97 cents on the dollar to 87.6 cents.

The bond is part of SpaceX's $25 billion inaugural debt offering, including $3.5 billion of 2056 notes. Despite attracting about $89 billion of initial orders, the long-dated bonds have sold off sharply since issuance.

Part of the bond decline reflects the broader surge in Treasury yields as soaring oil prices revive inflation concerns and rate hike fears.

Reuters noted:

Ortex estimates SpaceX short sellers have earned $15.5 billion on paper since the June IPO as shares fell below the $135 offer price to a record $115.26. About 360 million shares, or 56% of free float, were on loan through Tuesday.

Earlier Thursday, Gregory Miller, managing director and equity research analyst at Citizens JMP Securities, told clients that despite the broad selloff across the AI complex, his outlook remains constructive and investor concerns appear overdone.

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Looking ahead, the next major catalyst for SpaceX will be the launch of its massive Starship rocket later this evening.