SpaceX shares have fallen back to their $135 IPO price after peaking at $211.39 on June 16. The stock now trades around $140, giving the company a market cap of $1.76 trillion, or 39 times this year's sales. Analysts expect revenue to grow to $155 billion by 2028, but the company's hasty takeover of xAI and upcoming lockup expirations could limit near-term gains. History suggests other hot IPOs like Meta, Alibaba, and Snowflake faced similar pullbacks after their debuts.
