New York, June 10, 2026, 07:10 EDT
- Tesla dropped 3.00% on Tuesday, giving back some of Monday’s gains. Shares turned lower again early premarket.
- Pressure comes from SpaceX’s record-setting IPO, which has been attracting outsized demand and may take capital from other high-growth tech stocks.
- Tesla’s outlook is still built on AI, Robotaxi and Optimus spending, not only EV deliveries.
Tesla shares dropped again as investors found a new, sizable way to bet on Elon Musk. TSLA ended Tuesday at $396.68, down 3%, giving back some of Monday’s 4.59% bounce. Ahead of Wednesday’s open, MarketWatch had the stock at $391.68 in premarket, off 1.26%. Premarket is a thinner market before the 9:30 a.m. New York start, meaning prices can move around.
SpaceX’s IPO is looking less like a sideshow for Musk. Reuters said late Tuesday that the offering drew over $250 billion in investor orders for a $75 billion deal, putting demand at 3.5 to 4 times supply well before pricing.
That’s important for Tesla as SpaceX could become a fresh public option for investors chasing the “Musk premium,” the extra value tagged to Musk-run companies. Tesla has been the liquid Musk play for years. Now traders are wondering if funds set aside for fast-growth AI and Musk-exposed trades might shift, with some considering selling Tesla, Nvidia, or other packed tech names. Reuters
SpaceX’s latest SEC filing lays out the size of the deal. The company’s free-writing prospectus mentions 555,555,555 Class A shares at an estimated IPO price of $135.00 each. Reuters put the target valuation at roughly $1.75 trillion, with shares set to start trading Friday under the symbol SPCX.
Tesla has not issued new company news. The investor-relations page still shows the April 22 Q1 results and an April 2 production and delivery update as its latest releases. Tesla’s SEC page this week only added ownership and Rule 144 filings, nothing on earnings or deliveries.
Tesla’s latest operating stats show a mixed picture for investors. The company reported 408,386 vehicles produced and 358,023 delivered in the first quarter, with 8.8 gigawatt-hours of energy storage deployed, its delivery release showed. Revenue for the first quarter was $22.39 billion, while net income attributable to common stockholders was $477 million, according to Tesla’s 10-Q.
Investors are still betting on Tesla’s next business model. The company is telling investors it’s leaning into “real-world AI” through FSD Supervised, Robotaxi and Optimus. FSD is Tesla’s driver-assist tech. Optimus is its humanoid robot. In the same filing, Tesla said it expects 2026 capex to go over $25 billion as it spends more on AI, compute, and manufacturing. SEC
The SpaceX connection has direct business details, too. Tesla said it booked $87 million in revenue and $65 million in cost of revenue from SpaceX’s Megapack energy-storage buys in the first quarter. It’s a small but tangible tie on the operating side.
Valuation is back in focus. Reuters put SpaceX’s target at 94.53 times 2025 sales, well above Tesla’s 16.73 times. “Its fundamentals are really tough,” River Wealth Advisors CEO Ed O’Gorman told Reuters about SpaceX. That doesn’t mean Tesla is cheap, but it’s clear investors are watching this week as another test for Musk-linked valuations. Reuters
Tesla’s index weight is part of why the market reacts to its moves. According to Finviz, Tesla trades in both the Nasdaq 100 and S&P 500, so any move in the stock hits popular index funds and ETFs. Selling in high-growth technology ends up spilling beyond just Tesla.
The market backdrop looks weak. Reuters said Dow futures dropped 0.74% at 6:26 a.m. ET, S&P 500 futures slipped 0.81%, and Nasdaq 100 futures lost 1.28%, with tech stocks under more selling before the May CPI lands. CPI tracks what consumers pay. A hot reading could keep the Fed on a more hawkish path, which tends to weigh on growth stocks that bank on longer-term profits.
Tesla faces pressure on two fronts. If SpaceX stumbles on its debut, confidence in the wider AI-growth story could take a hit, even though a strong launch might boost the Musk brand. Tesla’s own 10-Q flagged risks from trade policy, tariffs, supply-chain costs, geopolitical tension, and regulatory scrutiny tied to Autopilot, FSD and Robotaxi. These could dent demand, margins, or cash flow.
Tesla shareholders have another concern. It’s not just how shares open anymore. They’re watching to see if Thursday’s SpaceX pricing and Friday’s Nasdaq debut can handle tens of billions in demand, without triggering fresh selling in the big-growth names Tesla relies on.
