Key facts
- SpaceX shares dropped over 6% on Thursday, trading at $179.62.
- The company's market value of $2.52 trillion could shrink by over $160 billion if losses persist.
- SpaceX is preparing to discuss a bond offering of at least $20 billion with investors.
- SpaceX announced the acquisition of AI startup Anysphere for $60 billion in stock to boost its enterprise AI tools presence.
- SpaceX had previously acquired Elon Musk's AI startup xAI.
SpaceX shares experienced a significant decline of over 6% on Thursday, marking a cooling of the post-Initial Public Offering (IPO) enthusiasm that had briefly propelled the company into the ranks of the world's top five most valuable firms. The stock was last down 6.4% at $179.62, following a nearly 5% drop in the previous session. Despite these losses, the shares still trade more than 30% above their $135 offering price.
Earlier in the week, SpaceX's market capitalization had momentarily surpassed those of Amazon and even Microsoft. If the current downward trend continues, the company's valuation of $2.52 trillion could see a reduction of more than $160 billion on Thursday.
Other U.S. space companies also saw their stock prices fall, with Rocket Lab and Planet Labs down around 3%, while AST SpaceMobile and Intuitive Machines declined approximately 7% and 3%, respectively.
In parallel with the stock market movements, SpaceX's bankers are reportedly preparing to meet investors as early as next week to discuss a substantial bond offering of at least $20 billion. This move is intended to secure funding for the company's ambitious and capital-intensive expansion into artificial intelligence.
This pursuit of AI dominance was further underscored by SpaceX's announcement on Tuesday of its acquisition of Anysphere, the startup behind the popular AI coding agent Cursor. The deal, valued at $60 billion in stocks, aims to bolster SpaceX's presence in the lucrative enterprise AI tools market. Earlier this year, SpaceX had also acquired Elon Musk's AI startup xAI, consolidating the entrepreneur's ventures in rockets, satellites, and AI, including the Grok chatbot.
The company's valuation had surged past $2 trillion following its Nasdaq debut last week, with shares initially soaring before investors began to assess the sustainability of its valuation in light of its costly AI initiatives.