SpaceX Stock Dips Before Open as Traders Wonder if Musk Eyes Cerebras

what happened

According to Stocktwits, shares of Space Exploration Technologies (SPCX) slipped 0.1% in premarket trading on Monday. Retail investors discussed whether the heavy decline at Cerebras Systems could give CEO Elon Musk a chance to acquire the chipmaker at a lower price. On Friday SPCX gained 1.9% to close at $147.49, while CBRS added 1.7% to finish at $110.82.

Cerebras stock trades roughly 40 percent under its $185 offering price and 71% under the $386.34 high reached on its first day of trading. Sentiment on the platform is split: SPCX draws extremely bullish comments, while CBRS sentiment is neutral. One user holding a short position, however, is skeptical about the stock's outlook.

Earlier, Musk said SpaceX had closed $40 billion in GPU financing and ruled out buying companies that rent out AI computing capacity. His ties to Cerebras go back to OpenAI's early years, when co-founder Ilya Sutskever discussed a possible acquisition through Tesla in a 2017 email. Separately, SemiAnalysis reported that one OpenAI model ran on Nvidia GPUs because Cerebras capacity was sold out.

why it matters

For markets, contracts matter more than rumors: Cerebras has $25.4 billion in contracted revenue not yet recognized, and OpenAI has committed to buying 750 megawatts of inference capacity. Still, Cerebras booked just $56.8 million from OpenAI in the second quarter, a sign of heavy reliance on one customer. Year to date, SPCX is down 8% while CBRS has fallen 64%.

market impact

CBRS and SPCX: takeover rumors move sentiment, but no deal has been confirmed

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