SpaceX shares jumped 5% to $201.80, extending gains to 50% above its $135 IPO price and lifting market cap to $2.642 trillion following its $60 billion all-stock acquisition of AI coding startup Cursor. Morningstar cut its fair value estimate to $62 per share, implying a 69% downside as the stock trades at about 3.2× its valuation.
SpaceX stock climbed 5% to $201.80, extending gains to 50% above its $135 IPO price in just three trading days and pushing its market cap to $2.642 trillion. Nearly one million call options traded on the first day as investors bet on further upside.
SpaceX agreed to acquire AI coding startup Cursor in a $60 billion all-stock transaction, securing a stronger foothold in enterprise AI software and expanding its artificial intelligence ambitions following earlier deals.
Morningstar lowered its fair value estimate for SpaceX to $62 per share from $63, citing the impact of the $60 billion acquisition and reinforcing the view that fundamentals haven’t kept pace with the share price.
Trading at 141× 2025 sales and nearly 78× projected 2026 sales, SpaceX is valued at over three times Broadcom’s multiple and 26 times Amazon’s, underscoring its position as one of the most expensive stocks in coverage.
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