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SpaceX IPO slump meets AI-linked Starlink thesis ahead of earnings

SpaceX shares have fallen about 40% since the June 12 IPO and trade below the $135 listing price, with analysts focused on whether the Aug. 6 earnings report supports a Starlink AI infrastructure narrative.

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SpaceX’s IPO momentum has faded quickly, with shares down roughly 40% since the company went public on June 12 and trading below its $135 listing price, according to MarketBeat Ratings. The early price action, however, is colliding with a growing Wall Street view that the real investment story may be driven less by rockets and more by artificial intelligence.

At the center of the new framing is Starlink, SpaceX’s satellite internet network. Investors increasingly argue that global, low-latency connectivity could be key infrastructure for AI systems that need reliable data movement across homes, vehicles, and industrial applications.

MarketBeat Ratings notes that this perspective is being pushed by some analysts, including Wedbush’s Dan Ives, who has described SpaceX as more of a data and AI play than a conventional space business. The bullish argument is that Starlink’s network and vertical integration could allow SpaceX to influence how data moves and, over time, support new compute-related products.

The next potential test for the thesis is SpaceX’s earnings report scheduled for Aug. 6, MarketBeat Ratings said. The outcome may shape whether investors broaden their valuation lens from space operations to AI infrastructure, including discussion around space-based data centers and AI workloads.

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