SpaceX’s share price has slipped, trading around $126, roughly 7% below its $135 IPO price and more than 40% lower than its all‑time high of $225.64. The decline follows index‑provider rule changes that have accelerated SpaceX’s inclusion in major benchmarks; Nasdaq amended its 10% public‑float requirement and seasoning criteria, allowing SpaceX to join the Nasdaq‑100 on July 7, while FTSE Russell updated its rules to ease entry for new megacap stocks. Consequently, some investors fear the recent downturn could dampen enthusiasm for large‑scale IPOs, including potential offerings from AI firms such as OpenAI and Anthropic, which may be fast‑tracked into indexes. Michael Khouw of Tidal Financial Group noted that the mood is indeed being dampened. This year’s IPO market has been dominated by mega offerings; 86 IPOs have priced in 2026, a 22.5% drop from the previous year, yet total proceeds have surged nearly 800% to $142.4 billion. SpaceX alone raised $75 billion, SK Hynix over $26 billion, and Cerebras, Innio and Madison Air combined about $10.23 billion. Growing doubts about AI’s return on investment—sparked by Meta’s decision to sell excess computing capacity and the rise of open‑source models that mimic frontier AI—have led investors to question the justification of massive AI spending. JJ Kinahan, head of retail expansion at Cboe Global Markets, observed that the narrative has shifted and many questions are being raised about AI expenditures and the returns companies are achieving. Investors are awaiting announcements from OpenAI and Anthropic regarding potential IPOs; Anthropic is preparing investor meetings for a possible 2026 listing, while OpenAI may postpone its offering until next year.
Source link
