Shares of Space Exploration Technologies Corp. or SpaceX (SPCX) dropped for the first time since going public last Friday, ending the three days' rally. On Wednesday's trading, the shares closed 5 percent lower, and are currently down 1.2 percent further in the pre-market trading on Nasdaq, despite nearly 1% gain in the early activity.
The spacecraft maker, founded and led by Elon Musk, had set per share price of $135 at the IPO, raising around $75 billion. With underwriters deciding to exercise their overallotment option, the funds had reached $85.7 billion.
Since SpaceX IPO, the largest stock market debut in history, the stock had surged around 42%, reaching above $200.
Meanwhile, the shares are currently trading at $189.50 in the pre-market activity on the Nasdaq, down 1.2 percent, after closing Wednesday's trading 4.95% lower, at $191.82.
In the initial IPO days, the company, which also provides AI as well as Starlink satellite internet services, had briefly exceeded the market valuation of Amazon and Microsoft. SpaceX market capital now stands at $2.527 trillion, below that of Amazon's $2.555 trillion.
In a post on X social media platform, Musk, who became world's first trillionaire with the IPO, stated that the company might be able to reach approximately $1 trillion revenue in 2030.
In fiscal 2025, SpaceX's net loss was $4.94 billion, though there was a profit of $791 million in fiscal 2024. Annual revenue grew to $18.67 billion from prior year's $14.02 billion.
In the first quarter of fiscal 2026, SpaceX's net loss was $4.28 billion, sharply wider than prior year's loss of $528 million, However, revenues grew to $4.69 billion from $4.07 billion last year.
Earlier this week, SpaceX announced that its wholly-owned subsidiary X67, Inc. has agreed to merge with and into Cursor, the AI coding startup developed by Anysphere, Inc., in an all-stock deal valued at about $60 billion. The merger is expected to enable the expansion of Elon Musk's enterprise AI push into the AI-assisted code generation market.
The deal, if consummated, is expected to be among the largest private acquisitions in the AI field in 2026.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.