SpaceX investors back to square one after a month of stock listing: What has happened so far?

Never before an initial public offering (IPO) had created so much frenzy among investors. When Elon Musk’s SpaceX decided to hit the stock market, the sheer size of the issue at $86 billion and the overwhelming demand that it saw made it the largest IPO of all time.

As expected, the stock listing on June 12 was an instant hit as everyone wanted a grab a piece of the company. The shares, that were offered at $135 each in the IPO, opened at $150 in the debut trading session and closed 19% higher at $161. Musk was labelled as the world’s first trillionaire.

The next day, in the stock’s first full day of trading, SpaceX rallied another 20% to close at $192.50 apiece. On June 16, the third day of trading, the share price hit its peak of $225.64.

However, following that, the stock has been witnessing a major pullback. On July 13, just a day after completing one month of listing, the stock has hit its all-time low and is back near its IPO price at just under $139.

A flurry of some good and some bad news around the company, geopolitical tensions between US and Iran, growing concerns around tech stocks over artificial intelligence (AI) prospects and the fear of the first publicly announced earnings report have kept SpaceX investors on edge. Here’s a look at SpaceX’s journey as a listed company in the past one month.

$1 trillion revenue

On the day of listing itself, Musk made a tall claim for SpaceX. Soon after becoming the world’s first trillionaire, he announced on social media platform X that SpaceX would pull in $1 trillion in yearly revenue by 2030.

This was much ahead of the revenue forecast by leading investment banks like Goldman Sachs and Morgan Stanley that predicted the company’s revenue number at $470 billion and $330 billion, respectively, by 2030.

Cursor acquisition

Within a week of listing, SpaceX announced it was acquiring AI coding agent Cursor in an all-stock deal worth $60 billion. The two companies were already jointly training a new AI model for the past few months.

Within days of the Cursor deal, SpaceX on June 22 announced that it has signed a deal with AI startup Reflection AI to rent out its data-center capacity for three years.

Reflection agreed to pay SpaceX $150 million per month beginning July 1, 2026, through 2029. This would total to about $6.3 billion if the agreement runs through the end of its term.

$25 billion bonds issue

Just weeks after raising $86 billion through the IPO, SpaceX sold $25 billion of investment-grade bonds on June 23. The move raised eyebrows as markets fear that Elon Musk might be burning through billions of dollars of cash to make massive bets on AI.

But institutional investors flocked to the company’s bond deal. Reports said that the offering drew nearly $90 billion in orders by noon on Tuesday.

Starlink’s price cut

The first major bad news came at the end of June when SpaceX announced that it was offering discounts for Starlink internet plans in Memphis, Tennessee, as the company endures legal challenges from opponents of its data centers in the area and neighboring Mississippi. SpaceX shares fell 8% that day.

Nasdaq entry

The Nasdaq entry on July 7 was another milestone for SpaceX. The stock fell 4.4% that day even as the index closed down 1.7%.

This was one of the fastest inclusions of a company ever in the tech-heavy Nasdaq index. Yet, surprisingly, it failed to lift the sentiment around SpaceX shares.

Company’s earnings awaited

Investors are now waiting for the company’s first financial earnings report that may be released sometime around August. SpaceX has not yet announced a date, but it had earlier said it will release quarterly and annual financial results only through its website and ‌social media account on X.

Investors also fear that the earnings announcement may coincide with the end of the “lock-up” period for the company’s shares. Any weakness in earnings, amid such a situation, may trigger another round of correction in SpaceX shares.