The cooling trend follows an explosive public debut that saw shares surge 19% on day one, fueled by a frenzy of retail and institutional buying. Despite the recent pullback, the company is aggressively deploying its newfound capital. On Tuesday, SpaceX announced a $60 billion all-stock acquisition of the AI coding startup Cursor, a move financier Bill Ackman noted was achieved with minimal dilution thanks to the company's inflated valuation.
SpaceX valuation cools after record-breaking debut
After a meteoric rise that catapulted its market capitalization toward $3 trillion, SpaceX shares dipped nearly 5% on Wednesday. This first decline marks a rare moment of hesitation for the aerospace giant, which had spent its opening week eclipsing tech heavyweights and solidifying Elon Musk's status as a trillionaire.
Skepticism persists regarding the sustainability of such a massive price tag. SpaceX reported a $4.9 billion loss on $18.7 billion in revenue for 2025, figures that appear modest when compared to the balance sheets of established tech titans. To bridge this gap, the company is pivoting toward orbital AI data centers, claiming a total addressable market of $28.5 trillion. Musk remains bullish on this trajectory, projecting that annual revenue could hit $1 trillion by 2030.
Comments (0)
No comments yet. Be the first!