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SPACEX DESCENDS FOR SECOND DAY, BUT ITS REVENUE MULTIPLE REMAINS IN STRATOSPHERE

SpaceX SPCX.O is falling nearly 10% on Thursday, erasing about $250 billion in stock market value for the session as Elon Musk's rocket and satellite internet company completes its first week on Wall Street.

After reaching a closing high of $201.80 on Tuesday, the stock has declined in the past two sessions and is now down 14% from that peak.

SpaceX remains up 28% from its IPO price, and its market capitalization of $2.3 trillion makes it Wall Street's sixth most valuable company, despite reporting a net loss of $4.94 billion last year.

On Sunday, Musk said SpaceX could bring ​in $1 trillion in revenue by 2030, which would be an increase of over 5,000% from last year's revenue of $18.67 billion.

Even after two days of profit-taking, SpaceX remains one of Wall Street's most expensive companies in terms of price versus last year's sales. Its price/sales ratio stands at 123, greater than any other U.S. company with a market cap above $50 billion. Rocket Lab RKLB.O has the next highest sales multiple, at 100x.

(Noel Randewich)

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