The selloff in SpaceX shares has driven the stock near a level that would imply investors are assigning no value to its artificial intelligence business, according to analysts at Morgan Stanley.
The rocket, space and artificial intelligence company has had a rocky trading debut after its record $86 billion offering in mid-June. Shares initially surged nearly 50% in first three sessions, but have tumbled since. They touched a low of $110.85, or 18% below the IPO price, earlier this week.