Masayoshi Son Calls Musk's Space Data Center Vision Uneconomical

SPCX closed at $156.06 on Tuesday, a gain of $1.46 (+0.94%) from Monday's close of $154.60, as the stock edged higher in below-average volume on its seventh trading session since the June 12 IPO.

Executive Summary

SPCX worked through a wide $18.39 intraday range on Tuesday, dipping to $147.11 before rallying to a session high of $165.50, then fading to close at $156.06, roughly the midpoint of the day's swing. The small net gain came against a weak macro backdrop: Asian markets sold off sharply, with the South Korean KOSPI falling 10% and Japan's Nikkei declining 3.5% on profit-taking in AI and semiconductor names, according to Investing.com. The Nasdaq fell more than 1% on the session, making SPCX's slight positive close a modest outperformance, though volume at roughly half the stock's post-IPO daily average kept the signal ambiguous.

The analyst community remained measured. Susquehanna initiated coverage with a Neutral rating and a $170 price target, advising investors to wait for a better entry point. Ark Invest was reported by The Motley Fool to have added shares on Monday's weakness. The credit market sent a contrasting signal: Bloomberg, as cited by Benzinga, reported that SpaceX's debut investment-grade bond offering drew $89 billion in demand for the $20 billion sale, suggesting institutional credit investors are assessing the company differently from equity markets currently. Analysts also flagged the staggered lockup expiration schedule, with the largest tranche set to unlock in June 2027, as an ongoing structural overhang for the stock.

News

1. Semi Mania Gets A Reality Check From South Korea; Investors Should Pay Attention To Shift In AI Tokens

Korea Drops 10%

Please click here for an enlarged chart of Ishares Msci South Korea ETF (NYSE:EWY).

Note the following:

As we have previously shared, prudent investors pay attention to stocks in South (Benzinga, Jun 23, 2:22 PM ET)

2. Now That the IPO Has Passed, Here Are 5 Important Milestones SpaceX Investors Should Pay Attention to

Following SpaceX's IPO, investors should monitor five critical milestones: Starship V3 operational deployment by mid-2026, in-space fuel transfer capability for NASA missions, Starlink V3 satellite deployment on Starship, Mobile V2 satellite launches in 2027, and establishing a second Starship launch site in Florida. These achievements will determine whether SpaceX can justify its valuation and execute its ambitious expansion plans. (The Motley Fool, Jun 23, 2:15 PM ET)

3. SpaceX Saw 850,000 Orders From Robinhood For Its IPO: What's Going On?

Robinhood says over 850,000 customers requested SpaceX shares in its IPO, the most demand ever seen on the platform, as Bitcoin slides 2%. (Benzinga, Jun 23, 1:45 PM ET)

4. Asian Sell-Off Hits Tech Stocks as AI Valuations Face a New Challenge

Asian tech markets experienced a significant sell-off with the Korean KOSPI dropping 10% and Japanese Nikkei falling 3.5%, driven by profit-taking in an overheated AI market. Despite the volatility, semiconductors remain up 4.3% monthly, though NVIDIA is down 5.6%. The broader market shows mixed signals with the S&P 500 down 3.3% from its all-time high but up 9.1% year-to-date. Precious metals and cryptocurrencies also faced pressure amid rising US dollar strength. (Investing.com, Jun 23, 1:40 PM ET)

5. Elon Musk's Space Data Center Vision Is Uneconomical, Says SoftBank Founder Masayoshi Son

SoftBank's Masayoshi Son says Musk's space data center dream is uneconomical. The tradeable read on SPCX's lockup overhang and why Nvidia wins either way. (Benzinga, Jun 23, 1:38 PM ET)

6. 8 Communication Services Stocks With Whale Alerts In Today’s Session

This whale alert can help traders discover the next big trading opportunities. Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner. Traders will (Benzinga, Jun 23, 1:35 PM ET)

7. United Airlines And DIRECTV Team Up To Stream Live TV On Starlink-Enabled Seatback Screens This Summer

(Benzinga, Jun 23, 1:33 PM ET)

8. Beyond AI: Where Investors Can Still Find Dividend Growth in 2026

While AI-focused companies dominate headlines with massive capex spending, dividend growth opportunities persist elsewhere. Global investors should look beyond tech to Financials, Energy, and Industrials sectors, which offer robust yields and rising dividend payouts. Data shows 31% of global firms increased dividends this quarter, suggesting dividend growth remains viable for forward-looking portfolio strategies. (Investing.com, Jun 23, 1:27 PM ET)

Price Action

Metric	Value
Open	$151.13
High	$165.50
Low	$147.11
Close	$156.06
Change vs prior close	+$1.46 / +0.94%
Volume	132,950,522
Intraday range	$18.39
Close vs IPO offer ($135.00)	+$21.06 / +15.6%
Close vs IPO close ($160.95)	-$4.89 / -3.0%

SPCX opened at $151.13, dipped to $147.11 in early trading, staged a rally to $165.50, and then faded through the afternoon to close at $156.06. The close landed at the midpoint of the day's range (close location: 0.49 of range), indicating that neither side controlled the final hour. Volume at 132.95 million shares was approximately half the stock's average daily volume since IPO of 268.38 million, below-average participation on a day that could otherwise have read as a recovery attempt.

From the IPO offer price of $135.00, SPCX remains up 15.6%. It sits 3.0% below its first-day close of $160.95. The June 16 closing peak of $201.80 is $45.74 above today's close, a decline of 22.7% from that peak over five sessions.

Takeaway: a half-volume intraday bounce that faded to the middle of the range is consistent with consolidation, not reversal.

Technicals

SPCX has completed seven trading sessions since its June 12, 2026 IPO. RSI-14 requires at least 14 sessions and is not computable. SMA-10, SMA-20, SMA-50, and SMA-200 are similarly unavailable. The five-session simple moving average at $177.86 and the five-period exponential moving average at $169.23 are the only averages computable at this stage, and both must be interpreted against a price history too short and volatile to anchor reliable signals. The analysis below rests on price structure, candle anatomy, volume, and the real levels in the data.

Trend

The dominant short-term structure is a decline from the June 16 closing peak of $201.80. The sequence of closes since then: $191.82 (June 17), $185.00 (June 18), $154.60 (June 22), $156.06 (June 23). Tuesday broke a three-session losing streak with a marginal gain, but price remains well below both short-term averages, the SMA-5 at $177.86 and the EMA-5 at $169.23. Until price reclaims one of those levels on meaningful volume, the near-term direction is still down from the peak.

Candle read

Tuesday's candle has a $4.94 body (open $151.13, close $156.06), a $9.44 upper wick, and a $4.01 lower wick, within an $18.39 total range. The upper wick is roughly twice the size of the body, meaning the intraday rally pushed nearly $9.44 above the close before sellers brought price back. The lower wick is smaller, showing buyers defended the $147.11 area without sustained pressure. The close at the midpoint of the full range reflects genuine indecision: both sides were active, neither won the session decisively.

Support levels

The nearest support is today's intraday low at $147.11, the level where buyers appeared in Tuesday's early session. Below that, the $145.00 area has no structural basis from the current seven-day price history but stands as a natural psychological marker. The IPO offer price of $135.00 is the floor with the clearest fundamental meaning: shares were allocated there, and a close below it would signal that all IPO-day buyers are underwater on cost basis.

Resistance levels

Working upward from today's close: the $160.00 round number sits adjacent to the IPO first-day close of $160.95 and is where the prior session's rally lost traction. $165.50 is today's rejected intraday high. $169.23 is the five-period EMA, a short-term overhead average price has not closed above since June 18. $177.86 is the SMA-5. $185.00 is the June 18 close, the last meaningful hold before Monday's large-range decline. Each of these levels represents a prior rejection point or a moving average the stock would need to reclaim to suggest the corrective phase has run its course.

Momentum interpretation

Bull scenario: SPCX holds above $147.11, volume builds on a subsequent session, and price closes above the IPO close cluster of $160.00 to $160.95. That range is the key near-term inflection. A confirmed close through it on rising volume would be the first sign of stabilization with some conviction behind it.

Bear scenario: A close below today's low of $147.11 re-opens the path toward the $135 IPO offer zone. The thin volume on Tuesday's recovery attempt does not rule this out.

Neutral: Price consolidates between $147 and $165 while participants work through the bond offering overhang, the staggered lockup timeline, and a macro environment applying pressure to high-multiple technology names. This is the highest-probability near-term read given today's midrange close and half-average volume.

Trading Takeaway

Seven sessions in, SPCX is 15.6% above its IPO offer price of $135.00 but 22.7% below its June 16 closing peak of $201.80. Tuesday's session produced a low-conviction pause: a positive close, but price faded from the intraday high and volume was roughly half the stock's post-IPO average. The next session's key levels are $147.11 on the downside and the $160.00 to $165.50 zone on the upside. A close below $147.11 on rising volume would be the first test of whether the post-peak decline has further to run. A close above $165.50 on volume approaching the post-IPO average would be the first credible sign of recovery.

Sources

1. Semi Mania Gets A Reality Check From South Korea; Investors Should Pay Attention To Shift In AI Tokens — Benzinga, June 23, 2026
2. Now That the IPO Has Passed, Here Are 5 Important Milestones SpaceX Investors Should Pay Attention to — The Motley Fool, June 23, 2026
3. SpaceX Saw 850,000 Orders From Robinhood For Its IPO: What's Going On? — Benzinga, June 23, 2026
4. Asian Sell-Off Hits Tech Stocks as AI Valuations Face a New Challenge — Investing.com, June 23, 2026
5. Elon Musk's Space Data Center Vision Is Uneconomical, Says SoftBank Founder Masayoshi Son — Benzinga, June 23, 2026
6. 8 Communication Services Stocks With Whale Alerts In Today's Session — Benzinga, June 23, 2026
7. United Airlines And DIRECTV Team Up To Stream Live TV On Starlink-Enabled Seatback Screens This Summer — Benzinga, June 23, 2026
8. Beyond AI: Where Investors Can Still Find Dividend Growth in 2026 — Investing.com, June 23, 2026
9. SpaceX Is Pulling Back. These 3 Stocks Are the Biggest Beneficiaries. — The Motley Fool, June 23, 2026
10. 8 Mega-Caps With More Attractive Risk-Reward Than SpaceX — Investing.com, June 23, 2026
11. SpaceX Valuation Loses Altitude as AI Risks Mount — Investing.com, June 23, 2026
12. 'SpaceX Draws $89 Billion Demand for Debut High-Grade Bond Sale' — Bloomberg — Benzinga, June 23, 2026
13. Live On CNBC, Kevin Simpson Announces Bought More SpaceX — Benzinga, June 23, 2026
14. How XOVR Turned SpaceX IPO Into A Test Case For Private-Market ETF Investing — Benzinga, June 23, 2026
15. This IBM Analyst Turns Bullish; Here Are Top 3 Upgrades For Tuesday — Benzinga, June 23, 2026
16. Susquehanna Initiates Coverage On SpaceX with Neutral Rating, Announces Price Target of $170 — Benzinga, June 23, 2026
17. SpaceX Stock Selloff Is Not Your Chance To FOMO In, Expert Says — Benzinga, June 23, 2026
18. Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought — The Motley Fool, June 23, 2026
19. SpaceX Lockup Expiration: Will Insider Selling Sink the Stock? — The Motley Fool, June 23, 2026
20. This Insulet Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday — Benzinga, June 23, 2026
21. Are Investors Already Over SpaceX? — The Motley Fool, June 23, 2026
22. Nvidia Says AI's Water Problem May Already Be Solved — Elon Musk Agrees — Benzinga, June 23, 2026
23. Reported Earlier, 'Airbus and Leonardo call for European space champion to take on SpaceX' — Financial Times — Benzinga, June 23, 2026
24. SpaceX Lost $1 Trillion In A Week. So Why Did Bond Investors Rush To Lend It $20 Billion? — Benzinga, June 23, 2026
25. Stock Market Today: Dow, S&P 500, Nasdaq Futures Drop Despite Trump's 60-Day Waiver On Iran Sanctions — Benzinga, June 23, 2026
26. Benjamin Netanyahu Says It's Time For Israel To End Military Dependence On US, Warns Iran Conflict Is 'Not Over Yet' — Benzinga, June 23, 2026
27. Why SpaceX Stock Is Falling Tuesday — Benzinga, June 23, 2026
28. Susquehanna Analyst Calls Time-Out On SpaceX Rally After $400 Billion Rout — Benzinga, June 23, 2026
29. Gary Black Says 'The Math Doesn't Math' As SPCX Stock Stays Volatile After Blockbuster IPO — Benzinga, June 23, 2026
30. SpaceX IPO'd, and Anthropic and OpenAI Could Go Public in 2026. Should You Buy All Three? — The Motley Fool, June 23, 2026
31. After Calling For Elon Musk To Be Investigated, Ro Khanna Faces A $10 Million Challenge From Billionaire David Friedberg — Benzinga, June 23, 2026
32. Stock Market: Will S&P 500 Open Up Or Down Today? — Benzinga, June 23, 2026
33. Bought SpaceX At The IPO? You're Up 23%. Bought The Peak? You're 'Down Almost 25%,' Says Mohamed El-Erian — Benzinga, June 23, 2026
34. Debating Between Investing in Amazon or SpaceX Stock? This ETF Holds Both and Costs Less Per Share Than Both Companies Combined. — The Motley Fool, June 23, 2026
35. SpaceX vs Palantir Stock: 1 May Offer You a Significantly Bigger Gain, According to Wall Street. — The Motley Fool, June 23, 2026
36. SpaceX Just Erased $600 Billion in Market Value in 3 Days. Here's What Long-Term Investors Should Know — The Motley Fool, June 23, 2026
37. Micron Announces Strategic Agreement With Anthropic Spanning Memory, Storage AI Architecture And Enterprise Claude Adoption — Benzinga, June 23, 2026
38. 1 Massively Undervalued Artificial Intelligence (AI) Stock That Could Be Worth More Than SpaceX Within 12 Months — The Motley Fool, June 23, 2026
39. SpaceX's Fundraising Is Not Over With a $20 Billion New Bond Offering — The Motley Fool, June 23, 2026
40. Ro Khanna Dares Elon Musk To Debate DOGE On Live TV After Tech Billionaire Calls Him 'Ro The Robber' And Threatens To Sue — Benzinga, June 23, 2026
41. Nasdaq Dips Over 1% As Tech Stocks Fall: Investor Sentiment Improves, Greed Index Remains In 'Fear' Zone — Benzinga, June 23, 2026
42. SpaceX Plunges 5%, Falling Below Amazon's Market Cap. Which Growth Stock Is the Better Buy Now? — The Motley Fool, June 23, 2026
43. Ross Gerber Flags SpaceX Timeline That Could Put Elon Musk's 46% Stake In Play: 'Pay Attention To This…' — Benzinga, June 23, 2026
44. Elon Musk Gives A Nod As Nvidia Argues AI Data Centers Aren't The Water Drain Many Believe: 'Numbers May Surprise You' — Benzinga, June 23, 2026
45. Peter Schiff Says Elon Musk Lost 'More Than' Warren Buffett Worth Of Fortune In One Day, But 'Don't Feel Sorry For Him': Here's Why — Benzinga, June 23, 2026
46. Alpaca Markets (SIP) — market data

Disclaimer

This report is for informational purposes only and does not constitute investment advice. Nothing here should be construed as a recommendation to buy, sell, or hold SPCX or any other security. All price and volume data is sourced from Alpaca Markets via the SIP feed. News sources are linked above and attributed to their respective publishers. All figures should be verified independently before any financial decision. Past price performance does not indicate future results.