Shares of SpaceX (Nasdaq: SPCX) fell for a second straight day Thursday, closing at $184.98, down about 3.6%, as investors continued reacting to the company’s planned $60 billion acquisition of Anysphere, the maker of the AI coding platform Cursor.
The selloff follows a June 16 filing with the Securities and Exchange Commission, in which SpaceX disclosed that it would pay for the acquisition entirely with stock. Because no cash is being used, existing shareholders will see their ownership diluted by roughly 3.4%, a factor many analysts believe is driving the recent pullback.
The decline marks a sharp reversal from the stock’s explosive debut. SpaceX priced its historic initial public offering at $135 per share on June 12 before surging above $225 just days later. Since that peak, however, the stock has fallen nearly 20%, including an 8.3% drop over the past two trading sessions.
For many retail investors, the gains have largely disappeared. According to data cited by CNBC, the stock’s five-day volume-weighted average price was approximately $181.71, meaning the average investor who purchased shares after the IPO is now only slightly ahead at current prices.
Investors who received IPO allocations remain in better shape. Buyers who obtained shares at the $135 offering price through brokerages such as Robinhood, Fidelity, and SoFi are still sitting on sizable gains, although many received only limited allocations.
Retail demand during the launch was extraordinary. Research firm Vanda Research reported that individual investors purchased nearly $370 million worth of SPCX during its first three trading days, more than four times the amount that flowed into Nvidia during a comparable period following its own major rally.
Even after the pullback, SpaceX remains one of the world’s most valuable public companies. After briefly approaching a market capitalization of $3 trillion, the company ended Thursday valued at roughly $2.4 trillion, making it the world’s sixth-largest publicly traded company.
Analysts remain divided on the stock’s outlook. Some have warned that the company’s valuation has run ahead of its current earnings power, while bullish firms argue that SpaceX’s combination of space infrastructure, satellite communications, and artificial intelligence could justify substantially higher prices in the years ahead.
The Cursor acquisition is a major part of that AI strategy. Earlier this year, Elon Musk integrated xAI into SpaceX, and the addition of Cursor, one of the fastest-growing AI coding tools in the market, is intended to strengthen the company’s position against rivals including OpenAI and Anthropic.
Investors will soon have another major development to watch. According to Bloomberg, SpaceX is preparing investor presentations for a potential $20 billion bond offering, which would be the company’s first investment-grade U.S. dollar debt sale. Proceeds are expected to refinance bridge financing tied to recent acquisitions and expansion initiatives.
For now, Wall Street appears to be reassessing how much future growth is already reflected in the stock price. The upcoming bond sale and the completion of the Cursor acquisition will likely provide the next major clues about whether the market’s enthusiasm can reignite.
JBizNews Desk
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