SpaceX Extends Rebound as Baird Highlights Potential Tesla Merger

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SpaceX shares continued to recover in premarket trading on Wednesday after rebounding from losses that briefly pushed the stock below its post-IPO opening price. The stock closed Tuesday up 0.9% at $156.06 and advanced a further 1.2% in premarket trading, following a sharp 16.4% decline on Monday after KeyBanc adopted a cautious view on valuation. Analysts at Baird believe investor attention could increasingly shift toward the possibility of a merger between Tesla and SpaceX, describing the strategic rationale as clear and compelling. SpaceX also announced a senior unsecured notes offering and disclosed it held approximately $100.8 billion in cash and cash equivalents as of June 19. The company operates across three primary business segments, with the Connectivity division generating approximately 61% of 2025 revenue and the AI segment seen as the most significant medium-term growth opportunity.