SpaceX Shares Drop 8.8%, Momentarily Surpass Microsoft Market Cap
MSFT•SpaceX shares fell 8.8% to $174.8 after hitting almost $191, remaining 29% above its $135 IPO price and briefly overtaking Microsoft’s market capitalization. Oppenheimer boosted SpaceX’s price target to $250 from $190, citing the $60 billion Cursor acquisition and forecasting AI-related revenue of $8.75 billion in Q4.
1. Share Performance Post-IPO
SpaceX shares declined 8.8% to $174.8 after a post-IPO peak near $191, yet remain 29% above the $135 offering price, reflecting strong initial demand followed by profit-taking.
2. Brief Market Cap Milestone
The company’s market capitalization briefly surpassed Microsoft and Amazon earlier this week, highlighting investor enthusiasm for SpaceX’s expanding AI and aerospace ventures.
3. Oppenheimer Price Target Raise
Oppenheimer increased its price target to $250 from $190, citing the $60 billion Cursor acquisition and forecasting AI-related revenue to reach $8.75 billion in Q4, underpinning a positive long-term margin outlook.
