Post by Augustine Chiagozie (@pabloexchange)

🔽 SpaceX loses most of its IPO gains within days

SpaceX shares jumped from the IPO price to a peak of around $225, briefly pushing the company's valuation close to $3 trillion. Within days, the stock fell to $150 before recovering to roughly $162.

At its peak, SpaceX briefly reached a valuation of nearly $3 trillion, putting it above both Microsoft and Amazon despite being a much smaller business by revenue and profitability.
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For comparison:
• Microsoft: $318B revenue, $125B profit
• Amazon: $743B revenue, $91B profit
• SpaceX: $19B revenue, -$9B profit
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Part of the explanation is structure. Only about 5% of SpaceX shares are publicly traded. The market price of that small float determines the valuation assigned to the remaining 95% held by Elon Musk, employees, and early investors.
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The recent acquisition of xAI has also raised concerns about debt and integration risk, adding pressure after the initial IPO excitement faded.
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There is a reason many IPOs follow a similar path: excitement first, fundamentals later. The chart has repeated often enough to become a pattern.

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