SpaceX Had The Best IPO In History—Now Comes The Hard Part

SpaceX (SPCX) completed the largest IPO in history at $135, surging to $225 before dropping 9% to $174. The company immediately announced a $60 billion acquisition of Cursor (an AI coding tool) using stock and is preparing a $20 billion bond sale. With only 5% of shares trading due to lockups expiring in December 2026, the stock faces significant supply events around Q2 earnings in September. While the underlying business is strong, the stock appears overvalued relative to fundamentals, trading on optionality rather than verified earnings.