SpaceX Stock Cools Down After Record-Breaking IPO Debut

SpaceX stock has settled into a quieter pattern after making history with the largest initial public offering ever recorded. Shares were priced at $135 and opened trading at $150 on June 12, briefly climbing higher before pulling back. The stock closed Thursday at $152.16 after slipping below $150 for a couple of sessions, a far calmer picture than the excitement surrounding its debut.

Tesla Shares Hold Steady as Merger Talk Builds

Tesla stock has also moved only modestly since SpaceX went public, opening at $399.49 and settling near $406.55. Much of investor attention has shifted toward speculation over whether Elon Musk might eventually merge SpaceX and Tesla into a single company. That speculation appears to be helping shield Tesla from renewed concerns about its so-called “Musk premium.”

Comparisons to Tesla’s Own IPO Journey

Market observers point back to Tesla’s 2010 debut as a reason for optimism. Tesla opened at just $1.27 and has since surged nearly 30,000%. SpaceX, now valued near $2 trillion compared to Tesla’s $1.5 trillion, remains unprofitable for now, but many investors are hoping for a similar long-term trajectory.

Retail investors have continued buying SpaceX shares without a single day of net selling since the listing. Analyst sentiment also remains largely positive, with most coverage carrying buy ratings and price targets suggesting meaningful upside ahead. Still, some investors argue the company’s steep losses raise questions about whether its valuation is justified.

Tesla’s Fortunes Tied to SpaceX Narrative

Tesla’s stock movements have increasingly reflected sentiment around SpaceX rather than its own results. Despite posting record quarterly vehicle sales recently, Tesla shares suffered a sharp pullback, with analysts noting that markets are now focused on upcoming earnings and progress in newer business areas like robotaxis and energy storage. Most analysts believe any formal merger between the two companies remains at least a year away.