SpaceX stock tumbles again. Is the hype wearing off?

SpaceX’s stock pullback continues to accelerate as hype after its IPO cools, with shares falling another 4% in recent trading and about 5% the prior session. The stock is reported around $185, after previously rallying to as high as $225 during the early post-IPO surge. Even after the declines, SpaceX remains well above its $135 offering price, up roughly 37% from IPO levels. The company’s market capitalization is estimated at about $2.4 trillion, moving back below Amazon after briefly overtaking both Amazon and Microsoft earlier in the week. Analysts attribute the volatility to a typical “cooling-off” period and to valuation scrutiny once initial excitement faded. SpaceX’s growth drivers include Starlink and plans to deploy AI compute satellites later this decade, though it reported a net loss in 2025. Limited publicly traded shares could amplify swings as more shares become available.