SpaceX shares retreated in trading on Tuesday following reports that the company has unveiled a new product prototype.
According to the Wall Street Journal, the device is a slim, mobile-phone-like unit designed to integrate artificial intelligence technology developed by SpaceX.
SpaceX shares suffered their steepest decline since going public on Monday, dropping 16% to $154.
The disclosure marks a notable expansion of the company's product roadmap beyond its core aerospace and satellite operations.
The news adds to mounting pressure on the stock, which has been in a sustained downtrend since its market debut.
SpaceX shares suffered their steepest decline since going public on Monday, dropping 16% to $154.60.
That selloff marked the third consecutive day of losses, pushing the stock to its lowest level since its first day of trading.