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SpaceX stock price drops after Cursor purchase. How low could it go?
Mashable • • business
Key Points:
- SpaceX's IPO on June 12 was the largest in history, initially priced at $135 and quickly rising to over $170, with shares peaking above $225 by June 16 before some losses occurred.
- The company announced a $60 billion acquisition of AI coding agent Cursor from startup Anysphere on June 15, which coincided with a 5% stock price drop the following day and a further 3.75% decline on June 17.
- Despite recent declines, SpaceX shares remained at $185 as of June 19, well above the IPO price but below peak levels, while the market is currently closed.
- Investor research firm Morningstar considers SpaceX overvalued with a fair value estimate of $62 per share and a best-case scenario of $169, whereas investment bank Oppenheimer raised its price target to $250, citing strategic advantages from the Cursor acquisition.
- The stock's future trajectory is uncertain, but Elon Musk remains a trillionaire as long as the share price stays above $138.
