SpaceX (SPCX) priced its initial public offering at $135 per share on June 12, raising roughly $75 billion in the largest IPO on record. On its first trading day, the stock opened at $150 and closed at $160.95, drawing a record $118 million from retail investors, according to Vanda Research. The rally peaked on June 16 at an intraday high of $225.64, briefly pushing SpaceX’s market cap above Amazon and Microsoft.
That same day, SpaceX announced a $60 billion all-stock acquisition of Anysphere, the maker of the AI coding assistant Cursor. By using its own highly valued stock, SpaceX effectively absorbed the company with minimal cash impact—a move one analyst called “a level of market sophistication that almost no other issuer has.” CEO Elon Musk further stoked optimism on June 14, predicting SpaceX could reach $1 trillion in annual revenue by 2030, despite the company posting a net loss of $4.94 billion on $18.67 billion in revenue in 2025.
However, a steady pullback began in late June. A $20 billion bond offering on June 22 sent the stock down more than 16% in a single session. Then, when Starlink cut prices in the Memphis area, shares shed another 8%. By July 10, SPCX traded at $145.30—35% below its all-time high and roughly 18% below its first‑day close. On July 13, the stock fell further to around $139, pressured by broader market weakness after President Trump announced a blockade on Iranian shipping through the Strait of Hormuz.
Despite the slide, Wall Street analysts remain broadly bullish. Morgan Stanley initiated coverage with an Overweight rating and a $300 price target. Goldman Sachs started at Buy with a $205 target. Bernstein analyst Douglas Harned reiterated a Buy and a $239 target, citing SpaceX’s leadership in reusable rockets and the fully reusable Starship system as a long-term cost advantage, even after China’s Long March 10B landed successfully. More aggressive forecasts include Raymond James’ $800 target and Citi’s bull-case scenario valuing SpaceX at roughly $12 trillion.
Index inclusion provided some support: FTSE Russell added the stock in late June, and the Nasdaq-100 added it on July 7, triggering passive fund buying. Still, bearish voices point to revenue below $40 billion this year and the impending lock-up expiry—expected with the first public earnings report in early August—as potential headwinds. CFRA analyst Keith Snyder sees a further dip to $115, implying a $1.5 trillion valuation. For now, the shares hover just above the $135 IPO price, leaving late‑chasing investors underwater while early buyers remain in the green.
