SpaceX shares fell during early trading on Wednesday, marking their first notable pullback since the company’s blockbuster initial public offering.
The decline followed a historic rally that pushed SpaceX’s market capitalization above Amazon and briefly beyond Microsoft, placing the aerospace company among the world’s most valuable publicly traded businesses.
SpaceX Stock Retreats After Historic Rally
SpaceX shares fell 3.5% to $194.78, giving the company an implied market value of approximately $2.70 trillion.
Despite the decline, SpaceX remained more valuable than Amazon. The stock had initially extended Tuesday’s gains in Wednesday’s premarket session, climbing another 3.5% before reversing lower.
The pullback came after an extraordinary four-day rally that surprised even experienced market participants.
SpaceX IPO Raises Record-Breaking Proceeds
SpaceX priced its initial public offering at $135 per share on June 12, 2026.
The company initially raised $75 billion in what became the largest IPO in history. Underwriters later exercised their overallotment option on June 15, increasing total proceeds to approximately $85.7 billion.
Based on Tuesday’s closing price, SpaceX stock had gained around 50% from its IPO level in only four trading sessions.
SpaceX Briefly Reaches $3 Trillion Valuation
The rally became even more dramatic during after-hours trading on Monday.
SpaceX shares briefly reached $229.85, lifting the company’s implied market capitalization above $3 trillion. At that level, SpaceX temporarily overtook both Amazon and Microsoft.
The stock later pulled back during Tuesday’s regular trading session. However, its intraday high of $225.64 still placed SpaceX above Amazon and close to Microsoft in the ranking of the world’s largest companies.
Elon Musk’s Wealth Rises With SpaceX Stock
The post-IPO rally also reshaped the rankings of the world’s wealthiest individuals.
As SpaceX’s valuation moved above $2.7 trillion, Elon Musk’s stake in the company significantly increased his estimated net worth.
The surge returned the SpaceX chief executive to the top of global wealth rankings and widened his lead over other billionaires.
SpaceX Announces $60 Billion Anysphere Acquisition
SpaceX has already started making major strategic moves as a public company.
On Tuesday, it announced its first acquisition since the IPO, agreeing to purchase Anysphere, the startup behind the popular Cursor AI coding assistant.
The all-stock transaction values Anysphere at approximately $60 billion and strengthens SpaceX’s position in the growing artificial intelligence coding market.
Cursor Expands SpaceX’s AI Capabilities
Cursor has attracted developers by using artificial intelligence to automate and improve software development tasks.
The platform competes with products developed by companies including Anthropic and OpenAI. However, Anysphere has faced limitations related to its access to computing infrastructure.
SpaceX acquired xAI in February 2026. Adding Cursor could expand xAI’s capabilities in AI-assisted coding, which has become one of the first widely commercialized uses of generative artificial intelligence.
Options Trading May Be Amplifying Volatility
The introduction of listed SpaceX options has been widely cited as one factor behind the stock’s rapid gains.
Options allow a wider range of investors to take bullish or bearish positions on the company. They can also increase volatility when market makers buy or sell shares to hedge newly created contracts.
These hedging flows may have amplified SpaceX’s recent price movements.
Tokenized SpaceX Shares Test Crypto Markets
The SpaceX IPO is also placing pressure on tokenized equity infrastructure.
A tokenized version of SpaceX stock is trading under the SPACEX/USD pair on Biconomy.com.
The listing highlights how demand for SpaceX exposure is spreading beyond traditional stock exchanges and into decentralized and cryptocurrency-based markets.
Can SpaceX Reach a $3 Trillion Market Cap?
Investors are now watching whether SpaceX can defend its valuation near $2.7 trillion and make another attempt at the $3 trillion threshold.
The recent session high of $225.64 represents an important near-term resistance level. Meanwhile, the $135 IPO price may act as a psychological reference point for longer-term shareholders.
Future analyst price targets could also influence the stock once the post-IPO quiet period ends.
Until then, options activity, potential index inclusion, lockup expirations and wider market sentiment are likely to remain the main forces driving SpaceX shares.
