Vanda Research's Viraj Patel walked CNBC viewers through one of the strangest sessions of the year on June 16, with a direct message: Retail investors sold the rest of the market to fund a single bet on SpaceX (NASDAQ:SPCX).
SpaceX (Nasdaq: SPCX) finally hit the public markets, and within hours of the opening bell, the loudest voices on the Prof G Markets podcast were already calling the top.
SpaceX (NASDAQ:SPCX) stock is trading near $197 midday Wednesday, easing 2.5% after a blistering debut week.
Elon Musk's Space Exploration Technologies (NASDAQ:SPCX) finally inked the deal to acquire AI coding agent Cursor, a move that was rumored well before SpaceX had its IPO.
SpaceX's $60B Anysphere deal could boost its enterprise AI push after a $75B IPO, but execution risks and Cursor growth remain key tests.
SpaceX (NASDAQ:SPCX) stock is in pullback mode this morning, trading down 6% to $189 after briefly clearing the $210 mark this morning.
SpaceX (NASDAQ: SPCX) has enjoyed a remarkable upsurge since it hit the stock market, rallying 52.88% from its initial public offering (IPO) price of $135 within just three regular sessions, and a total of 56.67% once the Wednesday pre-market is taken into account.
The Space Exploration Technologies Corp (NASDAQ:SPCX) initial public offering (IPO) is off to a fantastic start.
The fear was simple. A SpaceX (NASDAQ:SPCX) listing would pull money out of the rest of the tech and AI trade, leaving chip stocks short of buyers.
SpaceX (SPCX) IPOed at a $2.1T valuation, trading at 112x sales despite $4.9B in net losses and negative free cash flow. SPCX's valuation is driven by aggressive underwriter projections, but independent analysts value it 30–65% lower; I rate it a clear Sell. Of SpaceX's three segments, only Starlink is profitable; its ARPU is declining and faces intensifying competition from Amazon and others.
Shares of Space Exploration Technologies (NASDAQ:SPCX), or SpaceX, have continued their ascent on Tuesday, gaining close to 5% and closing above the $200 per-share mark.
After SpaceX's (NASDAQ: SPCX) IPO, Elon Musk's net worth rose to $1.27 billion, making him the first trillionaire in world history (at least as far as most people know, based on inflation-adjusted dollars).