SpaceX shares fall 6% as post-IPO rally fades

Price ActionCorporate Action Impact 4
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Summary · why it matters

Space Exploration Technologies Corp shares dropped nearly 6% in morning trading on Thursday, hitting a session low of $176.60, as profit-taking extended the stock's second straight decline after a blistering post-IPO surge. The stock had rocketed from $135 to a record $225.64 in just three days before reversing on Wednesday with a nearly 5% loss, marking the first pullback since its public debut last week. Valuation concerns are mounting after SpaceX announced a $60 billion all-stock acquisition of Anysphere, maker of the AI coding tool Cursor, just days after the IPO, a move that has divided institutional opinion on capital allocation. An upcoming lock-up expiration in August is also stoking worries about a potential increase in share supply, while the company disclosed in its IPO filing a net loss of $4.9 billion in 2025 and another $4.28 billion in the first quarter of 2026, with Starlink remaining its only profitable segment. Broader market gains offered no relief, as the S&P 500 rose 0.9%, the Dow Jones added 0.4%, and the Nasdaq climbed 1.2%, underscoring the stock's underperformance. Separately, Arete analyst Andrew Beale initiated coverage with a buy rating and a street-high price target of $401, implying a 109% premium over Wednesday's close of $191.82, citing Starlink's V3 satellites as a substantial opportunity in suburban broadband. NASA also selected SpaceX rival Relativity Space to build a spacecraft for the Aeolus Mars mission scheduled to launch in 2028.

Impact on stocks 2

Space Economy▼ · 1 stocks
Artificial Intelligence▲ · 1 stocks

Off-coverage companies 2

Relativity SpacePrivate▲ Positive
Competitionrelevance

NASA selected Relativity Space over SpaceX for a Mars mission, a competitive win.

CursorPrivate± Mixed
relevance

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