Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.
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Technology shares fell sharply around the world Tuesday as investors questioned whether AI spending will produce profits that justify lofty valuations. SpaceX, chipmakers and memory stocks led the declines, while inflation and interest-rate concerns added pressure.
SpaceX has agreed to buy Anysphere, the maker of AI coding assistant Cursor, for $60 billion in stock after its major Nasdaq debut. The deal expands Elon Musk’s company further into AI as it seeks to strengthen xAI and Grok against rivals including OpenAI and Anthropic.
SpaceX raised $75 billion in the largest IPO ever, with shares jumping in their Nasdaq debut and valuing the company above $2 trillion. The listing pushed Elon Musk’s paper net worth past $1 trillion, though analysts questioned the company’s valuation.
SpaceX shares rose sharply in their Nasdaq debut after the company raised $75 billion in the largest IPO on record. The listing values Elon Musk’s company at about $1.77 trillion while analysts question its profitability and AI-driven valuation.
SpaceX’s planned Nasdaq listing under the ticker “SPCX” could become the biggest IPO ever, with reported valuations around $1.75 trillion to $1.77 trillion. Retail investors may receive an unusually large allocation, though analysts warn the shares could be volatile and overvalued.
OpenAI said it has submitted a confidential S-1 filing, giving the ChatGPT maker the option to pursue an IPO. The move follows similar filings by Anthropic and SpaceX as major AI companies seek more capital for computing power and model development.
SpaceX is seeking to raise $75 billion in a record IPO that would value the company at roughly $1.75 trillion. The company proposed a $135 share price ahead of an expected Nasdaq debut next week, though the final price remains uncertain.