SpaceX experienced a decline in its stock price in the days following its Initial Public Offering (IPO) on June 12, which reportedly made Elon Musk a trillionaire. The dip occurred after the company announced its acquisition of Cursor, an AI coding agent developed by startup Anysphere.<\/p>\n
The IPO’s initial share price was set at $135. On the day of the IPO, the stock climbed to over $170, according to Mashable. By Tuesday, June 16, the price had reached a high exceeding $225, as reported by Forbes. However, some of these gains were relinquished by Wednesday.<\/p>\n
The acquisition of Anysphere, the company behind Cursor, for $60 billion was announced on Tuesday. The following day, SpaceX’s stock price fell by five percent, a decrease reported by CNBC. This downward trend continued on Thursday, with an additional 3.75 percent drop.<\/p>\n
As of the time of this writing on June 19, the market is closed. SpaceX’s current share price stands at $185. While the stock has seen a slight decrease on this day, it remains significantly above its IPO price.<\/p>\n
Investor research firm Morningstar has expressed concerns about SpaceX’s valuation, stating that the company is “wildly overvalued.” Morningstar estimates the fair value of SpaceX shares at $62, with a best-case scenario placing the price at $169 per share. This best-case valuation is still lower than the current trading price but higher than the IPO price.<\/p>\n
Conversely, investment bank Oppenheimer and Co. has raised its projection for SpaceX stock. Following the acquisition announcement, Oppenheimer increased its outlook from $190 to $250. Analyst Timothy Horan attributed this positive outlook to SpaceX’s control over “every layer of the AI stack, giving it cost and quality advantages,” with Cursor identified as a crucial element of this strategy.<\/p>\n
The future trajectory of SpaceX’s stock price remains uncertain. The article notes that unless the stock falls below $138, Elon Musk is expected to retain his trillionaire status.<\/p>\n","protected":false},"excerpt":{"rendered":"
SpaceX’s stock price has seen fluctuations following its IPO and the acquisition of AI coding agent Cursor, with analysts offering differing valuations for the company.<\/p>\n","protected":false},"author":2,"featured_media":2117,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[2095,214,1755,1785,142],"yoast_head":"\n