- SpaceX shares declined 2.63% to $196.45 shortly after US market opening
- Stock erased up to 6% of gains following two days of rally after NYSE listing
- Shares had advanced 4.8% in the previous trading session before the selloff
Shares of SpaceX started trading in the negative thirty minutes after US markets opened, erasing up to 6% of its gains, according to Bloomberg news.
As of 7:46 p.m. IST, shares of SpaceX have been trading at a downturn of 2.63% at the market price $196.45, as per MarketWatch.
ALSO READ: SpaceX Expands AI Push With $60 Billion Acquisition Of Coding Agent Operator Cursor
The selloffs come after the stock rallied for two days after listing on the New York Stock Exchange.
SpaceX had extended gains in the previous day's trading session, advancing 4.8%. The company had agreed to take over Cursor in a deal that values the startup at $60 billion, cementing a key part of Elon Musk's efforts to catch up with rivals that provide coding tools to developers.
Company founder Elon Musk expects the newly listed SpaceX to generate up to $1 trillion in annual revenue by 2030, a prediction surpassing Wall Street's bullish projections for the spaceflight and AI firm.
Responding on X to a Morgan Stanley revenue forecast, Musk said SpaceX "might be able to reach approximately $1 trillion revenue in 2030," adding that he would be "surprised" if revenue did not exceed $1 trillion in 2031.
The claim was made days after SpaceX completed the largest IPO in history, raising $75 billion and closing its first session at a $2.1-trillion valuation, the sixth-largest U.S. listed company. The debut also made Musk the world's first trillionaire.
ALSO READ: Elon Musk Bets SpaceX Will Hit $1 Trillion In Revenue By 2030, Triple Morgan Stanley's Own Forecast
The valuation seems disproportionate with SpaceX's own offer document. The company posted a net loss of $4.9 billion in 2025 and lost a further $8.7 billion through March 2026, with the S-1 conceding it "may not achieve profitability."
Long-term debt stood at $29.1 billion at March-end. A majority of the long-term growth plan rests on a claimed $28.5 trillion total addressable market, of which roughly 90% is attributed to artificial intelligence rather than Starlink and launch businesses that generate cash currently.
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