SpaceX · Tesla · Elon Musk · Amazon · Microsoft · CNBC Technology
'The cult of Elon': SpaceX investors grapple with volatility amid big swings
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
This report is from this week's The Tech Download newsletter.
Key facts
- Michael Burry of "The Big Short" fame said on June 16 that he has no position in SpaceX, and argued that options used to wager against the stock remain too expensive even as he questioned
- Daily drops of 5% and 4% were followed by a 16% slump as jitters crept into the market
- That would mark a huge jump from the $18.7 billion in revenue SpaceX made in 2025
- The stock surged for several successive days following a record-breaking IPO, briefly overtaking both Amazon and Microsoft in terms of market cap and rising more than 60% on the initial share
Summary
That's probably the most accurate word to describe SpaceX's opening two weeks as a public company. The stock surged for several successive days following a record-breaking IPO, briefly overtaking both Amazon and Microsoft in terms of market cap and rising more than 60% on the initial share offering price of $135. But the good times weren't set to last. Lofty sci-fi ambitions, huge coverage in the * ahem * media and a founder with a cult-like following whipped up a frenzy of excitement around the company. "Most stocks trade based on how their multiple of earnings compares to other comparable stocks," Gil Luria, head of technology research at D.A. Davidson, told me.