SpaceX slips 3% after Nasdaq debut as AI funding plans surface
SpaceX shares fell 3% to $184.81 as investors reassessed its Nasdaq debut valuation amid reports the company may seek at least $20 billion in bonds for AI expansion.
Shares of SpaceX fell 3% to $184.81 on Thursday, retreating from earlier post-IPO gains. The stock remained more than 30% above its $135 initial public offering price.
The decline came after an initial rally following the company’s Nasdaq debut that lifted its market value past $2 trillion and briefly above the valuations of Amazon and Microsoft. Trading has been volatile as options listings began and passive index funds sought exposure to the new public company.
Company filings show revenue has increased while losses have widened, reflecting heavy capital spending tied to artificial intelligence operations and related infrastructure. Bankers for the company are expected to meet investors soon to discuss a bond offering of at least $20 billion to help finance the AI expansion.
SpaceX announced a $60 billion all-stock agreement to acquire Anysphere, developer of the Cursor AI coding assistant, and earlier consolidated the xAI business into the group. Those transactions are intended to grow the company’s enterprise AI software business and will require funding for product development, data-center capacity and integration costs.
Market structure has influenced price moves. About 640 million shares are available for trading while more than 300 index-tracking funds are seeking exposure, a gap that supported early upside and could cause larger swings as trading settles.
Analyst coverage is mixed. The Zephirin Group set a $310 target, pointing to the supply-demand imbalance. Arete Research’s Andrew Beale initiated coverage with a Buy rating and a $401 target, valuing SpaceX at roughly $5.3 trillion and highlighting potential from third-generation Starlink satellites.
Those larger third-generation satellites require deployment on Starship, the company’s fully reusable rocket system that remains under development.
Thursday’s trading reflected investors balancing near-term financing questions and wider losses against the longer-term prospects tied to advanced satellites and AI products.
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