SPCX Falls to $145 as Post-IPO Hype Fades Below Debut

SpaceX (SPCX) closed Friday at $145.30, below its June 12 opening price of $150 after an early surge to $225.64 quickly reversed. The stock has given back nearly all post-IPO gains amid stretched valuations near 111x trailing sales and heavy speculation. Short interest reached 31% of float while record margin debt of $1.42 trillion raised volatility risks. Upcoming events including the first earnings report and staggered lockup expirations are now expected to dominate trading rather than hype-driven momentum.