- Correction. SpaceX (SPCX) is trading at approximately $185 on June 22, down 18% from its all-time high of $225.64 reached on June 16, four days after the company’s record-setting Nasdaq debut.
- IPO arc. SPCX priced at $135 on June 12, opened at $150, hit $225.64 by June 16, and has retraced since—a pattern familiar from high-profile debuts where initial euphoria meets rate-sensitive valuation pressure.
- Multiple headwinds. A hawkish Federal Reserve dot plot on June 17, the $60 billion acquisition of AI coding startup Cursor announced the same week, and the unwinding of retail speculation have collectively cooled sentiment.
SpaceX’s transition to a publicly traded company was the defining market event of early June 2026. The $135 IPO price implied a $1.75 trillion valuation; the stock surged to $150 on its Nasdaq debut on June 12, reaching an intraday high of $225.64 six trading days later as AI infrastructure enthusiasm, Cursor acquisition news, and SpaceX’s launch manifest combined to push buyers into a stock with no near-term earnings comparables.
By June 22, SPCX had retreated to approximately $185—still 37% above the IPO price but 18% below the peak. The previous close on Thursday June 19 was $191.82; the additional decline on Monday reflects a weekend reassessment as rate-hike expectations firmed following Federal Reserve Chair Kevin Warsh’s June 17 press conference.
The Cursor acquisition’s weight
The $60 billion purchase of Cursor—the AI coding tool developed by Anysphere—announced five days after the IPO was initially received as a signal of SpaceX’s ambitions in the AI software space. The deal was valued at roughly three times Cursor’s last private-market valuation. As analysts worked through the dilution and debt implications, enthusiasm moderated; SpaceX issued shares to fund part of the consideration, and the additional supply contributed to the stock’s difficulty sustaining levels above $200.
The Federal Reserve’s updated dot plot, released June 17, showed nine of eighteen officials projecting at least one rate hike by year-end 2026. For a stock trading at a multiple that assumes many years of compounding growth, higher risk-free rates are a direct negative: they increase the discount rate applied to future cash flows. SPCX’s decline after June 17 closely tracks the broader movement in high-multiple technology stocks.
Where the stock stands
At $185, SPCX carries a market capitalisation of approximately $1.68 trillion—still placing SpaceX among the twenty most valuable companies globally. The company’s Starship programme, commercial launch backlog, and Starlink subscriber base provide a concrete earnings foundation that most IPO-day rockets lack. Sell-side analysts initiated coverage this week with price targets ranging from $170 to $240, reflecting genuine uncertainty about how to value a company that spans launch services, satellite broadband, and is now entering AI software.
Retail investor interest remains elevated: SpaceX is now one of the most held stocks on major brokerage platforms, and option volumes in SPCX have run above median for the first week of any newly listed large-cap. Whether the current consolidation resolves higher—as Starlink subscriber growth and the Starship commercial launch cadence come into sharper focus—or lower, as rate pressure persists, will test whether the IPO’s valuation was set at euphoria or at a defensible intrinsic value.