SpaceX Stock Falls After $60B Cursor Deal
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- SpaceX completed its IPO on June 12 — the biggest in history — making Elon Musk a trillionaire, with shares initially priced at $135 and surging past $225 within days.
- SpaceX announced a $60 billion acquisition of Anysphere, the startup behind AI coding agent Cursor, on June 16.
- SpaceX stock fell 5% the day after the deal announcement and dropped another 3.75% the following day, per CNBC, erasing roughly $600 billion in market value.
- Morningstar set SpaceX's fair value at $62 per share with a $169 best-case, calling the company "wildly overvalued" even as shares traded at $185 on June 19.
- Oppenheimer raised its SpaceX target from $190 to $250 after the deal, with analyst Timothy Horan arguing SpaceX "owns every layer of the AI stack."
- Musk retains his trillionaire status unless shares dip below $138, per the source.
Why it matters: Morningstar's $62 fair value is roughly two-thirds below SpaceX's $185 share price, while Oppenheimer raised its target to $250 by calling Cursor part of SpaceX's full AI stack. The split crystallizes the post-IPO tension: a $60 billion acquisition helped crown Musk a trillionaire and then erased roughly $600 billion in market value within days.
