Remember the evening of June 12, when Elon Musk’s SpaceX entered the stock market for the first time. The company had fixed the share price at $135. But as soon as the market opened the price reached $150. It rose to $176 throughout the day and finally closed at $160.95. This had become the largest IPO in history. The next week the limit was reached – the stock reached $225. Along with this, SpaceX had also left Amazon and Microsoft behind in terms of market cap. In a BBC World report, Keith Snyder, analyst at investment research company CFRA, said, ‘Whatever company Musk touches, people get excited. But this was the first time when people felt that they were investing in something that was being presented as an AI project. In fact, this year SpaceX had bought Musk’s own AI company XAI, which is now named SpaceX AI and is known for its chatbot Grok. But as soon as the reality came to light, the picture started changing. SpaceX’s real income comes from building rockets, launching them and Starlink satellite service. As Starlink announced a price cut amid local protests over a data center in the Memphis area of the US, the stock fell by 8% that day. Even when SpaceX was included in the Nasdaq-100 index on July 7, the entire index fell 1.7%, but SpaceX shares fell 4.4%. By the end of the first month the share price was around $145. That is, 18% below the highest level of the first day and 35% below the all-time high. This means that retail investors who bought shares in the first five days of listing are currently sitting on huge losses. Snyder goes so far as to say that it was beginning to behave like ‘meme stocks’ like GameStop and Wendy’s, with prices jumping just because of online excitement. This is also true to some extent. Last year SpaceX had earned $18 billion (1.7 lakh crore) and even now it is running in loss. Bought a coding company worth Rs 5.7 lakh crore without paying cash On June 16, when SpaceX’s shares were on the rise, on the same day the company bought the code-writing AI bot startup Cursor by paying SpaceX shares for $ 60 billion (5.7 lakh crore). Since SpaceX’s stock price was sky-high at the time, Musk acquired the company without actually spending any cash. Analyst Samuel Kar calls it an understanding of the market that hardly any other company has.
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After listing, Musk made a deal worth lakhs of crores: The story of Rocket-AI was understood late; Shares fell 35% in the first month of listing
