SpaceX shares have fallen for five consecutive trading days, erasing the milestone that briefly made Elon Musk the world's first trillionaire.
SpaceX went public on June 12 in what was reported as the biggest IPO in history, pricing at $135 a share before closing its first day above $170. It peaked at $225 on June 16 — the same day SpaceX announced it was acquiring AI coding agent Cursor for $60 billion. The acquisition news appeared to be the turning point. On Monday, the stock dropped 16 percent in a single session and has not recovered. By Tuesday, SPACX had dipped to $152 in early trading before closing at $154, leaving Musk's net worth at roughly $957 billion according to Forbes's Real-Time Billionaires list, down from a peak of around $1.1 trillion.
The Cursor acquisition is the most obvious culprit for investor unease, and it is not hard to see why: $60 billion for a coding tool is a number that demands justification, and SpaceX has not yet provided one. The company is also not profitable — it absorbed Musk's AI venture xAI, which added costs without adding earnings — so its valuation rests almost entirely on future promises, including unproven AI data centers in orbit.
A stock built on speculation rather than earnings will keep oscillating, which means Musk's trillionaire status will probably come and go depending on which way the market is feeling about space-based AI infrastructure on any given morning.