SpaceX shares (NASDAQ: SPCX) fell 4.5% on Friday to $145.30, extending their retreat from the June all-time high of $225.64 as investors weigh dilution from the company's reported $60 billion all-stock acquisition of Anysphere, the parent company of AI code editor Cursor, against an otherwise bullish analyst outlook.
SPCX has now declined roughly 35% from its June peak and is trading just 7.6% above the $135 IPO price set on June 11, 2026, when SpaceX completed the largest initial public offering in history, raising approximately $75 billion on the Nasdaq. The stock surged 19% on its debut, briefly pushing SpaceX's market capitalization above $2 trillion, but those gains have largely reversed over the past three weeks.
The Cursor deal: AI upside vs. dilution math
Market reports indicate SpaceX reached an agreement to acquire Anysphere, the company behind Cursor, a widely used AI-powered code editor, in an all-stock transaction valued at approximately $60 billion. The all-stock structure means existing shareholders face dilution without any cash leaving the company. The deal price is equivalent to roughly 80% of the $75 billion SpaceX raised at its IPO, raising questions among investors about capital discipline at a company already trading at approximately 103 times 2025 revenue of $18.6 billion.
Supporters of the deal argue that Cursor's AI developer tooling broadens SpaceX's addressable market well beyond launch services and Starlink, and fits an emerging narrative about the company as a multi-vertical technology platform rather than a pure-play aerospace operator. Critics counter that integrating a software company into a launch and broadband business is operationally complex and that the $60 billion valuation stretches credibility even in today's AI market.
Analysts remain constructive despite the pullback
On July 8, 2026, Bloomberg reported that one analyst raised their 12-month price target on SPCX to $800, citing an AI-integrated scenario in which SpaceX's combined businesses could support a $10.5 trillion long-term valuation. The Wall Street consensus across 27 analysts stands at $242.22 per share, with 26 buy ratings. The high estimate of $800 and the low estimate of $62 reflect the wide range of possible outcomes for a company this new to public markets and this difficult to value on traditional metrics.