Why did SPCX move on Jul 1, 2026?

Shares of SPCX fell following a Wall Street Journal report that SpaceX has developed a prototype of a handset-like device designed to shape how people interact with AI [3], [7], [8]. The report, which was shared with some investors ahead of a potential IPO, noted that the device would run on a proprietary operating system integrating AI technology from Elon Musk's xAI [4], [5], [12]. However, the stock faced downward pressure as subsequent details revealed that SpaceX has told investors the project is still in a very early stage [15].