The public listing of SpaceX on the Nasdaq exchange has triggered a significant sell-off in the broader space industry.

Following the commencement of trading for the high-profile IPO, shares of other space-related companies experienced a sharp decline.

Firefly Aerospace saw its stock price plummet by more than 18%. Other companies, including Rocket Lab, Redwire, and Intuitive Machines, all recorded losses of at least 10%. Karman Holdings fell by 4%.

Virgin Galactic, a company with a total market capitalization of only about $400 million, suffered a steep 34% drop.

Satellite-focused firms were also hit hard, with stocks like Planet Labs and AST SpaceMobile both falling more than 10%. Starlink, the satellite internet division of SpaceX, is the company's sole profitable and highest-revenue-generating business segment.