Elon Musk founded Space Exploration Technologies (NASDAQ: SPCX) in 2002 with a simple but ambitious goal: to drive down the cost of space transportation. The company has since expanded into satellite internet connectivity and artificial intelligence (AI), unlocking significant revenue streams that paved the way for its recent initial public offering (IPO). SpaceX stock quickly soared to a peak of $225 after its June listing, but it has since declined by 29% to $159. 31 (as of the market close on Wednesday, Oct. 21). The company is growing rapidly, but investors remain hesitant due to its sky-high valuation.
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