Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTJeffrey Neal Johnson, MarketBeatWed, June 24, 2026 at 2:15 PM GMT+2 7 min readKey PointsInterested in SpaceX? Here are five stocks we like better.SpaceX raised over $85 billion in its IPO but quickly pivoted to AI infrastructure with a $60 billion all-stock acquisition, diluting shareholders by 3.4%.Just 10 days after its IPO, SpaceX issued $20 billion in senior unsecured notes to refinance pre-IPO liabilities tied to its xAI acquisition, not core operations.SpaceX shares fell as much as 31.5% from their post-IPO peak on the news, while pure-play alternatives like Rocket Lab and AST SpaceMobile offer cleaner balance sheets at discounted valuations.The commercial space economy is changing fast. The cost of delivering payloads into orbit is declining rapidly, a powerful tailwind that creates exceptional revenue potential for companies in the aerospace sector. The secular expansion of global satellite networks isn't a future idea anymore. It is an active, physical economy generating real cash flows. Investors are rightly looking at low-Earth orbit as the next major growth frontier, recognizing that orbital infrastructure will power global communications for decades to come.SpaceX (NASDAQ: SPCX) is currently broadcasting severe financial warning signs during this sector-wide boom. The company recently executed the largest public debut on record, raising over $85 billion after underwriters fully exercised their overallotment options. Investors naturally assumed SpaceX would deploy that capital directly toward deep-space launch capabilities or orbital logistics. Instead, SpaceX is using it to mutate into a highly leveraged technology conglomerate.→ How Intel Is Packaging the Future of American ChipsThe story of an untouchable aerospace monopoly is starting to crack. SpaceX has made a surprise push into AI infrastructure and is leaning on unsecured debt to fund it. By directing resources toward terrestrial server racks rather than orbital dominance, SpaceX is actively diluting the premium valuation that retail and institutional investors just paid top dollar to acquire.This figurative dilution of the company's aerospace premium was immediately followed by a literal dilution of its shares. Just days after the public offering, SpaceX executed a $60 billion all-stock acquisition of Anysphere, the developer of the AI coding platform Cursor. By using its newly minted public equity as currency to acquire the software startup, management triggered an immediate 3.4% dilution of existing shareholders' equity. Expanding the outstanding share count to fund non-core software operations ahead of impending insider lock-up expirations actively eroded the value that retail investors thought they had just purchased.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info