SpaceX's initial public offering (IPO) on June 12 generated significant investor enthusiasm, with shares climbing from their $135 opening price to close at $160.95 on the first day of trading. The stock reached an intraday high of $225 the following week, briefly surpassing the market valuations of tech giants like Amazon and Microsoft. This surge solidified SpaceX's IPO as the largest in history.

Analysts attributed the initial frenzy to a combination of factors. "With Elon Musk, any company he touches gets people excited," noted Keith Snyder, an analyst at CFRA, adding that SpaceX was also marketed as an "AI play." Willy Lee, an investor at Neosteller, echoed this sentiment, stating, "Everyone saw SpaceX as an AI story." This perception was bolstered by SpaceX's recent acquisition of Musk's AI startup, xAI (recently renamed SpaceXAI), and its expansion into leasing data center capacity.

However, a month after its public market debut, the focus has shifted to the company's more tangible revenue streams. The stock experienced fluctuations throughout the period. Following the initial peak, the share price dropped to approximately $153 after an announcement that SpaceX would acquire Cursor. The stock saw another rise after being added to the FTSE Russell index on June 29, reaching over $170 by the end of the month. A price cut by Starlink in Memphis on July 1 coincided with another decline, with prices falling to a low of $157. The stock saw minor recoveries and dips in early July, trading around $150 by mid-July.

A line chart detailing SpaceX's share price movements from June 11 to July 10 illustrates these fluctuations. The chart shows an initial surge from $135 to over $160 on the first day of trading, peaking around $202 on June 16. Subsequent drops and rises are noted, including the impact of the Cursor acquisition, the FTSE Russell index addition, and Starlink's price adjustments.

A line chart showing SpaceX share prices from 11 June 2026 to 9 July 2026. Once the initial public offering began at the start of the time series, prices rose from $135 to over $160 on the first day of trading. They continued to rise over the next four days to a peak of about $202 on 16 June. At this point the chart is annotated with a note saying that SpaceX said it would buy Cursor, after which the value drops down to about $153 towards the end of June. It then rises again and peaks after another annotation saying when SpaceX was added to the FTSE Russell index on 29 June. The value at the end of June was over $170. After this the share price dropped again, coinciding with an event in Memphis where Starlink cut their prices on 1 July. It hit a low of $157 after this event. Prices then rose to a peak of $162 in early July, before falling back down to a low of $148 on 8 July. After this prices rose again to $152 on 9 July, and fell back down to $150 on 10 July. The source is Bloomberg.