Tesla had long been the only public-market vehicle for investors looking to bet on Elon Musk, but that changed after SpaceX began trading in June. In the three months following SpaceX’s initial public offering, Tesla shares fell 8.9%, while the S&P 500 rose 2.7%. Over the same period, SpaceX gained 9.8% from its $135 offer price on June 11. Bloomberg said Tesla’s weaker showing also reflected its recent earnings and product launch, neither of which convinced the market that its shift toward physical AI products can succeed. Lale Akoner, global market strategist at eToro, said investors see SpaceX as a purer growth story, while Tesla is being treated as a riskier transformation bet. Dave Mazza, chief executive officer of Roundhill Financial, said SpaceX now has to prove its claimed $100 billion annualized revenue scale can be achieved, while Tesla must show it is more than the "Musk proxy" investors held before SpaceX went public.
Tesla had long served as the only public-market vehicle for investors seeking exposure to Elon Musk, but that changed after SpaceX (SPCX.O) began trading in June. The electric-vehicle maker is now sharing that appeal with SpaceX.
In the three months after SpaceX’s initial public offering, Tesla shares fell 8.9%, while the S&P 500 rose 2.7%. SpaceX, by contrast, climbed 9.8% from its $135 offer price set on June 11.
Tesla and SpaceX move in different directions
Bloomberg said Tesla’s softer performance also related to its recent earnings report and product launch. According to the report, neither event showed that the company’s transition toward physical AI products can succeed.
Lale Akoner, global market strategist at eToro, said investors view SpaceX as a purer growth story, while Tesla is seen as a riskier transformation bet.
Dave Mazza, chief executive officer of Roundhill Financial, said SpaceX now needs to prove that its $100 billion annualized revenue scale can be realized, while Tesla must prove it is more than the "Musk concept stock" investors held before SpaceX went public.
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