SpaceX (SPCX) Stock Drops 5% After Brief $3 Trillion Market Cap Moment

TLDR

• SpaceX (SPCX) closed down 4.95% at $191.82 on Wednesday, its first down day since its IPO
• The stock IPO’d at $135 on June 12, raising $75 billion — the largest public offering in history
• SPCX is still up roughly 50% from its IPO price after just four trading sessions
• SpaceX announced its first post-IPO acquisition — AI coding startup Anysphere (Cursor) for $60 billion in an all-stock deal
• Elon Musk reclaimed the top spot on global wealth rankings as SpaceX’s market cap surpassed $2.7 trillion

SpaceX stock pulled back on Wednesday after one of the most explosive post-IPO runs in market history. SPCX closed down 4.95% at $191.82, giving back some of its earlier gains but still sitting roughly 50% above its $135 IPO price from June 12.

Space Exploration Technologies Corp., SPCX

At Wednesday’s close, SpaceX’s market cap stood at approximately $2.53 trillion — just below Amazon’s valuation. That’s still a staggering number for a company that went public less than a week ago.

The IPO itself was historic. SpaceX raised $75 billion at pricing on June 12, making it the largest public offering in history. Underwriters then exercised their greenshoe option on June 15, pushing total proceeds to $85.7 billion.

The rally briefly got even wilder in after-hours trading on Monday, when SPCX touched $229.85, putting its implied market cap above $3 trillion and leapfrogging both Amazon and Microsoft at the same time.

During Tuesday’s regular session, the stock hit an intraday high of $225.64 before pulling back. That level now acts as the immediate technical ceiling to watch.

By Thursday premarket, SPCX had bounced back 1.2% by 05:08 ET, suggesting the Wednesday dip may have been a brief pause rather than a trend reversal.

SpaceX Buys Cursor in $60 Billion All-Stock Deal

SpaceX wasted no time making its first acquisition as a public company. On Tuesday, it announced a deal to buy Anysphere, the startup behind AI coding agent Cursor, for $60 billion in an all-stock transaction.

Cursor has built a following among developers by using AI to automate coding tasks. It competes with tools backed by Anthropic and OpenAI, though the startup has faced bottlenecks due to limited computing access.

The deal folds into xAI, which SpaceX acquired in February 2026. Adding Cursor expands xAI’s footprint in AI coding — one of the earlier commercial use cases for AI that has started generating real revenue from business customers.

Musk Back on Top of Global Wealth Rankings

As SpaceX’s market cap climbed past $2.7 trillion, Elon Musk’s stake in the company pushed his net worth high enough to reclaim the top spot among the world’s wealthiest individuals — by a growing margin.

Options activity has been flagged as a driver behind the stock’s sharp moves. The introduction of listed derivatives opened the trade to a wider pool of market participants. Options market-makers hedging freshly written calls can amplify price swings in the underlying stock, and that dynamic appears to be in play with SPCX.

Beyond traditional markets, SpaceX’s listing is also testing crypto equity infrastructure. A tokenized version of SPCX (SPACEX/USD) is actively listed on Biconomy.com, putting pressure on both conventional and decentralized market rails at the same time.

By Thursday premarket, SPCX was trading at roughly $193.11, up 1.2% from Wednesday’s close.

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