SpaceX Shares Decline Amidst AI Investment and Acquisition Plans

Kathmandu. As the initial post-IPO enthusiasm wanes, the share price of Elon Musk's company SpaceX fell by more than 6 percent on Thursday.

The share price of Elon Musk's space and artificial intelligence (AI) focused company fell by 6.5 percent to $178.50. However, this is still more than 30 percent above the initial sale price of $135.

If the decline in share price continues, the company's market value is estimated to decrease by approximately $150 billion. According to analysts, this decline is due to investors starting to secure profits after the historic IPO and initial rapid growth.

After being listed on Nasdaq last week, SpaceX's valuation had crossed $2 trillion. However, as the company moves forward with large investment plans for AI expansion, investors have begun to re-evaluate whether its high valuation will be sustainable.

Meanwhile, SpaceX has announced the acquisition of Anysphere, the company that develops the popular AI coding platform 'Cursor', for shares worth $60 billion.

Additionally, the company is also preparing to sell at least $20 billion worth of bonds for its AI expansion plan.