Tesla stock muted after SpaceX's opening trade

Tesla stock muted after SpaceX's opening trade Ines Ferré · Senior Business Reporter Updated Fri, June 12, 2026 at 7:07 PM GMT+2 1 min read What happened: Tesla stock ( TSLA ) climbed just above the flatline after dropping more than 2% immediately following SpaceX's ( SPCX ) opening trade. What's behind the move: Shares of the electric vehicle maker initially dropped after SpaceX's ( SPCX ) Nasdaq debut, which made founder Elon Musk a trillionaire. SpaceX stock opened at $150 per share after pricing its IPO at $135, capping one of the most anticipated public offerings in market history.

Tesla, along with the rest of the "Magnificent Seven" group of megacap stocks, has underperformed in recent weeks, with more than $2 trillion in market cap wiped out this June as investors rotated out of tech and into more cyclical and defensive sectors. Strategists also believe investors may have been selling ahead of the IPO to accumulate dry powder. What else you need to know:  Wall Street anticipates that Tesla and SpaceX will eventually merge, as Musk leads both companies, and they are both heavily involved in AI.

"You could see this company's not only market cap, but revenue growth really be exponential. I can't even quantify it at this point," said Nancy Tengler, CEO of Laffer Tengler Investments. Dive deeper into the SpaceX IPO The public debut of Elon Musk's rocket and AI company is expected to make history.

SpaceX stock jumps nearly 30% following largest IPO ever Elon Musk becomes world's first trillionaire SpaceX has had a skyrocketing valuation journey While Tesla is profitable, SpaceX has been burning through cash as it expands with ambitions to place data centers in space and eventually colonize Mars. The company's satellite business, however, is profitable. Tesla stock is down more than 10% year to date.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .