Today’s Market Movers: SpaceX Stock Up 55% From IPO Price as Qualcomm and Western Digital Gain

TLDR

• SpaceX shares are up ~55% from their IPO price after another 9% gain Tuesday
• Qualcomm rose 5% after its CEO revealed 40+ AI device designs in development
• Dave & Buster’s fell 14% after missing Q1 earnings and revenue expectations
• Adaptive Biotechnologies dropped 7% on a $250M convertible note offering and business split plan
• S&P 500 futures edged up 0.09% while Bitcoin dipped 0.20% to $66,415

Space Exploration Technologies continued its post-IPO run on Tuesday, adding another 9% to reach $209.57 per share. The stock has now climbed roughly 55% from its offering price of $135, which it set during its June 12 debut.

The IPO opened at $150, driven by strong demand from both institutional and retail investors. The momentum has held since.

SpaceX also announced that its subsidiary X67 and AI firm Anysphere have agreed to acquire AI coding platform Cursor at an implied equity value of $60 billion. The deal is expected to close in Q3 2026.

Qualcomm Bets Big on AI Devices

Qualcomm gained 5% after CEO Cristiano Amon outlined the company’s AI device strategy. He said Qualcomm is currently working on more than 40 product designs across different form factors.

QUALCOMM Incorporated, QCOM

Those designs include smart glasses, AI earbuds with cameras, watches, pins, and connected jewelry. All are built around AI agents meant to understand user intent.

Amon highlighted smart glasses as a major opportunity, suggesting the category could one day rival smartphones. He noted annual shipments are already in the tens of millions.

In premarket trading, Western Digital was up 8.7% and Seagate Technology rose over 9%. S&P 500 futures were up slightly at 0.09%, while Dow futures gained 0.08%.

The 10-year Treasury yield fell to 4.445%. Brent crude dropped 2.54%, and gold edged up 0.20%.

Dave & Buster’s and Adaptive Biotechnologies Fall

Dave & Buster’s dropped 14% after a weak first quarter. The company missed expectations on both earnings and revenue.

Comparable store sales fell 5.4%. Adjusted EBITDA dropped to $123.2 million from $136.1 million a year earlier.

Management pointed to its “back-to-basics” strategy and said it expects to return to positive comparable sales growth. The company also forecast more than $100 million in free cash flow for fiscal 2026.

Adaptive Biotechnologies fell 7% after announcing a $250 million private offering of convertible senior notes. The company also revealed plans to split into two separate businesses.

The split would divide its Minimal Residual Disease and Immune Medicine units. Management said the move is meant to sharpen focus and unlock shareholder value.

Part of the note proceeds will fund a $25 million stock buyback and repay its OrbiMed debt. The combination of the financing deal and the separation timeline weighed on the stock.

European markets were higher, with the STOXX Europe 600 up 0.36%. Asia was mixed, with Japan’s Nikkei up 0.13% and China’s Shanghai Composite down 0.11%.

Bitcoin was down 0.20% to $66,415 as markets held steady ahead of the open.

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