The cooling trend follows an explosive public debut that saw shares surge 19% on day one, fueled by a frenzy of retail and institutional buying. Despite the recent pullback, the company is aggressively deploying its newfound capital. On Tuesday, SpaceX announced a $60 billion all-stock acquisition of the AI coding startup Cursor, a move financier Bill Ackman noted was achieved with minimal dilution thanks to the company's inflated valuation.
Skepticism persists regarding the sustainability of such a massive price tag. SpaceX reported a $4.9 billion loss on $18.7 billion in revenue for 2025, figures that appear modest when compared to the balance sheets of established tech titans. To bridge this gap, the company is pivoting toward orbital AI data centers, claiming a total addressable market of $28.5 trillion. Musk remains bullish on this trajectory, projecting that annual revenue could hit $1 trillion by 2030.
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