Tesla shares declined 8.9% in the three months following SpaceX’s IPO, underperforming the S&P 500, which gained 2.7%. SpaceX shares rose 9.8% from their June 11 issue price of $135. The performance has given investors a separate publicly traded way to bet on Elon Musk, while Tesla has faced pressure from recent earnings and product launches that did not establish the success of its transition toward embodied AI. Lale Akoner, global market strategist at eToro, said investors view SpaceX as a purer growth story and Tesla as a riskier transformation bet. Dave Mazza, chief executive of Roundhill Financial, said SpaceX must demonstrate that its $100 billion annualized revenue scale is achievable, while Tesla must show it is more than the Musk-themed stock investors held before SpaceX went public.