Summary

SpaceX, the Musk-controlled public parent of xAI, traded around $1.56 trillion on July 23, below its June 12 IPO price of $135 a share.

• 📉 SpaceX (Nasdaq: SPCX), the public parent holding xAI and X, traded around $1.56 trillion on July 23, below its June 12 IPO price of $135 a share.
• 📉 SpaceX shares hit an all-time low on July 27, with Morgan Stanley pricing the AI unit at zero as Congress bought the dip on July 28.
• 💰 SpaceX's cash engine is Starlink, with about $4.4 billion in FY25 operating income funding Starship R&D and xAI's Colossus datacenter burn.
• ⚖️ SpaceX reports its first post-IPO earnings on August 4, with an insider unlock and sale wave expected right after, around August 6.

👀 Whether SpaceX's first post-IPO earnings report on August 4 stabilizes the stock before the insider-unlock sale wave hits two days later.