SpaceX (NASDAQ: SPCX) shares slipped in early trading Monday as investors cashed in gains from the record-breaking IPO and weighed the implications of the company's $60 billion all-stock acquisition of Cursor/Anysphere. The stock was quoted at $185.00, down $6.64 or approximately 3.46% as of 04:06 EDT. Thursday's regular session close also stood at $185.00, reflecting a 3.56% decline from the prior session.
While still trading 37% above the $135 IPO price, SPCX has fallen 18% from its post-IPO high of $225.64. The pullback comes as the market digests the massive Cursor deal, which was disclosed in an 8-K filing on June 16. Under the terms, Cursor shares would convert into SpaceX Class A shares at a valuation of $60 billion, with the transaction expected to close in the third quarter of 2026 pending regulatory approvals.
Valuation Concerns Mount
At $185 per share, SpaceX's implied equity value stands at approximately $2.43 trillion, based on the IPO share count. That represents roughly 130x trailing revenue of $18.67 billion for 2025. The high valuation amplifies the impact of price swings: a $10 move in SPCX translates to about $131 billion in market value, making the stock behave more like a macro asset than a traditional aerospace company.
Profit-taking has been evident since the IPO's opening days. Reuters reported that SPCX fell more than 6% on Thursday, following a nearly 5% drop the previous session. IPOX Schuster analyst Kat Liu noted that "some degree of profit-taking is not surprising" after such a high-profile listing.
Credit Ratings Remain Stable
Bond markets show less concern. Moody's assigned SpaceX a Baa1 rating, Fitch rated it BBB+, and S&P Global Ratings gave a BBB, all with stable outlooks. S&P acknowledged the strength of SpaceX's space and connectivity operations but flagged uncertainty from heavy capital expenditure and competition in the AI business.
Regulatory Headwinds in South Korea
Overseas, South Korea's Financial Supervisory Service is reviewing the allocation of 2.31 million SpaceX IPO shares that were reportedly withdrawn just hours before trading began. "The possibility of something like this happening never even crossed our minds," FSS Governor Lee Chan-jin said. While the move does not affect SpaceX's operations, it adds headline risk for the newly public mega-cap.
Options Market and Upcoming Catalysts
Options pricing implies a potential 10% swing either way through Friday, placing a rough trading band between $166 and $204 based on the $185 close. Key events that could drive the stock include potential index additions, the first analyst calls after the IPO quiet period, and SpaceX's upcoming launch schedule: the Starfall Demo Mission on June 23 from Florida and a Starlink Mission on June 24 from California.
If SPCX breaks below the $172.11 low from the last session, traders will watch for a test of the options-implied $166 support. A further decline could target $150 and ultimately the $135 IPO price. Conversely, if $190 holds, the stock could regain momentum toward the $204 upper band.
For now, the next move hinges on Monday's research reports and index flows, which must outweigh valuation fears before the week's launch calendar ramps up risk.
