Retail investors continued to buy SpaceX shares after the company’s stock declined following its first-ever quarterly earnings report as a publicly listed company, signalling continued confidence despite the market reaction.
According to Vanda Research, retail investors purchased a net $22.7 million worth of SpaceX shares during the first hour of trading on Wednesday, marking the 3rd-highest first-hour retail buying total in the 37 trading sessions since the company’s IPO.
Vanda noted that if the buying pace continues, Wednesday could become the 2nd-largest day of net retail purchases since SpaceX went public, behind June 16, when net buying reached $144.6 million. The research firm also highlighted that SpaceX has not recorded a single day of net retail selling since its June 12 IPO, which debuted at $135 per share and became the largest IPO in U.S. history.
SpaceX shares fell by as much as 12.9% after the earnings announcement as investors raised concerns about how long the company’s profitable Starlink business could continue funding its expensive AI investments.
Despite the decline, trading activity remained strong, with more than $10.5 billion worth of SpaceX shares changing hands by 11:47 a.m. ET, according to LSEG data.
Vanda Research also reported that SpaceX was the most purchased U.S. stock among retail investors on Wednesday, followed by Advanced Micro Devices (AMD), whose shares were down 6.5% after its quarterly earnings report.
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