DoorDash has performed 48% better than SpaceX since Elon Musk’s rocketship company launched for public trading at $150 per share on June 12.
While SpaceX, which famously lost $1 trillion of market capitalization for its investors has crashed 6%, DoorDash has increased in value by 42%.
In fact, based on current stock prices, it would have been better to buy any number of restaurant stocks instead of SpaceX on the Nasdaq. Texas Roadhouse has performed 13% better, Flanigan’s has trounced by 35%, and Cracker Barrel has outperformed by 12%.
Measuring the drawdown from SpaceX’s peak is even more embarrassing.
Since June 16, SpaceX has declined 37%. It hit an intraday high of $225.64 that day, and performance has been down-only since.
DoorDash opened for trading at $155.24 per share on June 12, while SpaceX began trading at $150 — $15 higher than its formal IPO price.
Almost everyone has unrealized losses on SpaceX as a reward for patiently holding their IPO investment through today.
At this point, insiders who bought at the pre-Nasdaq open of $135 per share are the only shareholders who could possibly have an unrealized gain on a position held since SpaceX’s IPO.
Read more: SpaceX crashed too hard for insiders’ bonus unlock
Better earnings from DoorDash than SpaceX
Both companies reported quarterly results during this comparison period. Management asked investors to process entirely different numbers.
Earlier this month, DoorDash reported 970 million delivery orders for the quarter, $33.1 billion of marketplace gross order value, and a healthy $4.5 billion of revenue.
Orders still grew 17% and revenue grew 24% even after adjusting out a Deliveroo acquisition.
It also generated $944 million of operating cash flow and $742 million of free cash flow.
SpaceX filed its own quarterly results this month, revealing that while revenue reached $7.8 billion, the company lost $541 million. The company also disclosed $18.4 billion worth of capital expenditures.
As of this morning, $10,000 invested in DoorDash as of the June 12 open would be worth about $14,200. The same bet on SpaceX would be worth roughly $9,400.
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