Space Exploration Technologies (SPCX 3.55%) stock has literally never gone down. Granted, the stock has only been trading for three days since conducting the biggest IPO ever on Friday -- but each of those three days, the stock has gone up, including today, with SpaceX shares rising a modest 2% through 9:45 a.m. ET.
Image source: Getty Images.
This rocket stock stays pointed at the moon
The most immediate and obvious catalyst behind today's continued rise is the news SpaceX released yesterday, when the space company announced it will become even more of an artificial intelligence company than it already was, but spending $60 billion in stock to acquire Anysphere, the private software company that owns popular AI coding tool Cursor.
As recently as November, Cursor had been valued at $29.3 billion in its latest funding round, so the price SpaceX is paying for it could be twice what it's worth. Then again, when SpaceX merged with xAI, it valued that much less popular AI company at $250 billion.
So valuation doesn't seem to be something Elon Musk concerns himself with much, and judging by how SpaceX stock has been performing these past few days, investors don't seem to mind that much.
NASDAQ: SPCX
Key Data Points
What's next for SpaceX stock
What might concern investors, though -- and what might pose a risk to SpaceX stock's ability to keep going nowhere but up -- is this:
According to Yahoo! Finance data, SpaceX might have as many as 13.2 billion (implied) shares outstanding, but currently, only 246 million of these are "floating" and available to trade. This constrained supply is a major factor in keeping the stock price high (because of, you know, the law of supply and demand).
Once lock-up periods expire and more of those shares are available to sell, however -- look out below!
