The SpaceX IPO made history. Is the excitement still there?

SpaceX's historic initial public offering (IPO) in June saw shares initially soar, making it the largest IPO of all time and briefly surpassing Amazon and Microsoft in market value. The frenzy was fueled by excitement around Elon Musk and the company's positioning as an artificial intelligence (AI) play, following its acquisition of Musk's AI start-up xAI. However, the excitement has waned in the first month of trading. As investors focused on SpaceX's core business of rocket and Starlink satellite manufacturing, shares began to decline. A price cut by Starlink in Memphis led to an 8% drop in SpaceX shares on that day. By the end of its first trading month, shares were selling at around $145, roughly 18% below the first-day high and 35% below its peak. Analyst Keith Snyder noted that retail investors who bought early are "definitely underwater," and the stock has started to resemble a "meme stock." He expects the price to dip further to around $115, valuing the company at about $1.5 trillion.