Tesla shares fell 8.9% in the three months after SpaceX began trading in June, while the S&P 500 rose 2.7%. SpaceX shares gained 9.8% from their June 11 offering price of $135. Tesla’s underperformance followed earnings reports and product launches that did not demonstrate a successful transition to physical AI products. eToro Global Market Strategist Lale Akoner said investors see SpaceX as a purer growth story, while Tesla is viewed as a riskier transformation bet.