SpaceX stock got cut in half, but retail investors keep piling in: Chart of the Day

Retail investors have bought SpaceX ( SPCX ) stock every day since its IPO. The rocket company's first earnings plunge only brought them back for more.

Individual investors bought a net $22.7 million of SpaceX shares during the first hour of trading on Wednesday, according to Vanda Research. That was more than three times the stock's average opening-hour inflow and its third-largest opening-hour haul across 37 trading sessions.

Wednesday extended an unbroken streak. SpaceX has yet to record a single day of net retail selling since its June 12 debut, Vanda said.

The enthusiasm had cooled. Retail investors bought $405 million during the first five sessions, compared with $103 million over the five sessions leading into earnings. But they never became net sellers.

SpaceX stock soared from its $135 IPO price to an intraday high of $225.64 on June 16. The stock has since surrendered more than half its value from that peak and fallen below its offering price.

Vanda argues that retail investors are looking far beyond the next quarterly report.

"Retail continue to see SPCX as a transformational AI story — as opposed to a space exploration or interplanetary travel stock," the firm wrote.

SpaceX's first results as a public company gave both sides something to work with. Revenue and adjusted earnings topped expectations, while nearly $16 billion in quarterly spending on AI and data centers underscored the cost of the expansion.