Following SpaceX’s record-breaking stock market debut, investors are beginning to take a more cautious view of the company’s prospects. On Thursday, shares in Elon Musk’s company fell by over 6 per cent, continuing the correction that had begun the previous day. Despite this, the share price remains more than 30 per cent higher than the issue price of $135 per share.
The fall would represent a reduction in SpaceX’s market capitalisation of over $150 billion. Just a few days earlier, the company had joined the ranks of the world’s five most valuable firms, with its valuation exceeding $2.5 trillion. This rapid growth was driven by both institutional and retail investors, who snapped up shares en masse following the Nasdaq debut.
Analysts point out that such volatility comes as no surprise. SpaceX carried out the largest IPO in history, raising around $75 billion at a valuation of $1.77 trillion. At the same time, a relatively small proportion of the company’s shares are available on the market, which encourages sharp price movements.
Sentiment is also being influenced by questions about the business’s fundamentals. SpaceX increased its revenue to nearly $18.7 billion in 2025, mainly thanks to the development of Starlink. At the same time, the company recorded a net loss of over $4.9 billion, which is the result of heavy investment in artificial intelligence, infrastructure and the development of new technologies.
Another topic of interest for investors is this week’s announcement of the acquisition of Anysphere, the developer of the popular Cursor programming tool. The $60 billion share-based transaction is intended to strengthen SpaceX’s position in the market for enterprise AI solutions and support the development of technologies related to the Grok model.
The company is also preparing to hold talks with investors regarding a bond issue worth at least $20 billion, which is intended to help finance further expansion in the field of artificial intelligence.
The current correction shows that, following the euphoria surrounding the IPO, the market is beginning to analyse the company’s long-term prospects more closely. The key question for investors now will be whether the ambitious AI plans will translate into revenue growth that justifies one of the highest valuations in the history of the technology market.
