That’s a lot to process in one week. Many are calling it “IPO frenzy cooling off.” But that framing misses what’s actually happening. SpaceX isn’t being sold off because the story is broken. It’s being repriced because the market is finally trying to work out how much capital, dilution, and execution it will take to keep the story moving. That’s a harder question than “is SpaceX a great company?” And it doesn’t have an easy answer yet.
The Week in Plain Numbers
Here’s the full timeline in summary:
June 12: SPCX prices at $135, opens at $150, closes at $161. Up 19% on day one. Biggest IPO in history.
June 16: SpaceX announces it will buy Anysphere, the company behind AI coding tool Cursor, for $60 billion in stock. SPCX hits an all-time high of $225.64. Market cap briefly overtakes Amazon.
June 17: Stock pulls back 5.6%, settling around $192.
June 18 (today): News about how SpaceX bankers are preparing a bond sale of at least $20 billion. Stock drops another 9% to around $174. Still 29% above the IPO price, but well off the high.
In seven days, SPCX went from $135 to $225 and back to $174. That’s a 67% run and a 22% drawdown, all before the company has filed a single earnings report as a public company.
What the Cursor Deal Actually Tells You
The acquisition is getting covered mostly as an AI story. That’s partly right, but it misses the bigger signal.
SpaceX confirmed on June 16 that it would acquire Anysphere, the parent company of the AI coding tool Cursor, for $60 billion in stock, just four days after completing the largest IPO in history. Cursor had roughly $4 billion in annualized recurring revenue before the deal. The company had previously turned down acquisition approaches from both Microsoft and OpenAI.
But the timing is what matters here. SpaceX raised $75 billion in its IPO. Four days later, it committed $60 billion in stock to an acquisition. That’s not a company pausing to absorb its debut. That’s a company that used the IPO as a starting pistol.
Think of it this way. When a company goes public, the usual script is: raise money, stabilize the stock, show investors some early results, then deploy capital. SpaceX skipped steps two and three entirely. The message from management is clear: we know where we’re going and we’re not waiting around.
Morningstar cut its fair value estimate to $62 after the deal and listed SPCX as one of the most expensive stocks in its coverage. At current prices, SPCX trades at about 3.2 times that estimate, implying roughly ...
