The SpaceX IPO made history. One month on, has it lost momentum?
Image: BBC News
A month ago, SpaceX pulled off the largest IPO in history. Now investors are asking a less celebratory question: was that the peak?
When shares first hit the public market on 12 June at $135, they rocketed to $176 before closing at $160.95 — then climbed to an intraday high of $225, briefly topping Amazon and Microsoft in market value. The frenzy was real.
Much of the excitement, analysts say, was less about rockets than about AI. "With Elon Musk, any company he touches gets people excited," said CFRA's Keith Snyder, "but this was the first time people felt they could invest in something marketed as an AI play." SpaceX's acquisition of xAI and its data-centre leasing fed that story.
But SpaceX's core business is still rockets and Starlink satellites. When Starlink cut prices in Memphis amid local concern over a massive data-centre project, SpaceX shares fell 8% in a day — a reminder of how it actually earns.
As the reality of the company's finances came into focus, the stock began to sink, taking a sharper hit than the broader tech sell-off.
SpaceX's long-term bet rests on Starlink and reusable launch — not just AI hype. Whether the shares stabilise will show whether investors bought a rocket company or a story.