SpaceX Hits $225 Then Drops to $151... Will Starship and AI Investments Be the Key to Rebound?

▲ SpaceX (SPCX)/AI Generated Image ©

After a surge and correction following its Initial Public Offering (IPO), an investment of $1,000 in SpaceX at the time of its offering would have grown to approximately $1,120 in just three months.

According to crypto media outlet Finbold on September 12 (local time), SpaceX (SPCX) was trading at $151 at the time of the report. The offering price at its IPO on June 12 was $135. Accordingly, an investor who invested $1,000 based on the offering price now holds shares worth approximately $1,120, yielding a return of over 12%.

SpaceX's IPO raised approximately $75 billion, making it the largest in U.S. history. The company's valuation, calculated based on the offering price of $135, was approximately $1.77 trillion. Immediately after listing, the stock price soared rapidly, at one point exceeding $225, and its market capitalization also surpassed $2 trillion. Subsequently, the stock price retreated from its peak due to a combination of large capital expenditures on Artificial Intelligence (AI) infrastructure, successive lock-up expirations, and market caution regarding its high valuation.

Despite high volatility, performance growth continued. SpaceX's Q2 revenue increased by 92% year-over-year to $7.8 billion, with Connectivity (Starlink), AI Compute, and Space businesses driving the growth. The company announced that new AI hosting contracts worth approximately $1.11 billion per month will begin in December, and based on these large contracts, it aims to achieve an annualized recurring revenue (ARR) equivalent of $100 billion by the end of 2026.

Investors' next focus is the 14th test flight of Starship, scheduled for the end of this month. This flight is expected to carry next-generation Starlink V3 satellites and will be Starship's first revenue-generating mission. However, debate is also growing around the aggressive scale of investment. S&P Global estimates that SpaceX's capital expenditure (CAPEX) could increase to approximately $200 billion by 2027 due to investments in AI data centers, semiconductor manufacturing, Starship infrastructure, and new launch facilities.

Market evaluations of the large-scale investment are mixed. Optimists view current expenditures as building the foundation for future growth, while skeptics point out that as the scale of investment increases, so too can the risks to business execution and cash flow. Although it has recorded a profit of over 12% since its IPO, the stock price has fallen from over $225 shortly after listing to $151, so the balance between future performance growth and large-scale investment remains a key concern for stock price trends.

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