SpaceX (SPCX) stock is down another 6% in early trading on June 22, continuing a downward spiral that has seen the share price fall 23% over the past few days.
The stock came out of the gate strong following its June 12 initial public offering (IPO), surging from $135 U.S. to a peak of $225.64 U.S.
However, SpaceX’s stock has steadily eroded since June 17 and continues to decline as investors move away from the richly valued company.
Even with the pullback seen in recent days, SpaceX is valued at $2.40 trillion U.S., placing it among the 10 most valuable publicly traded U.S. companies.
Many analysts and market observers warned that SpaceX’s valuation is not sustainable given that the company remains unprofitable and had annual revenues of $18.67 billion U.S. in 2025.
SPCX stock began to decline once the company announced, days after its IPO, that it is buying Anysphere, developer of coding agent Cursor, in an all-stock deal valued at $60 billion U.S.
Cursor is expected to give a boost to SpaceX’s artificial intelligence (A.I.) business, although some analysts balked at the steep purchase price.
At the same time, rumours persist that SpaceX might look to acquire Tesla (TSLA) and bring the electric vehicle maker under its umbrella.
Elon Musk is the CEO of both SpaceX and Tesla. SpaceX has already added Musk’s other companies, xAI and X, to its portfolio of companies.
Some analysts warn that SpaceX shares are likely to fall further once the 90-day post-IPO lock-up period expires, allowing company insiders and early investors to sell their stock.
Tech Insider
