SpaceX stock falls as post-IPO rally loses steam

SpaceX shares fell more than 6%, trading at $178.50, as the market reconsidered its valuation. This decline follows the largest initial public offering in history, which briefly placed Elon Musk’s rocket-and-satellite company among the five most valuable entities globally. The drop indicates that the intense frenzy surrounding the record IPO rally has started to cool, leading to a loss of steam in the stock's initial post-IPO upward momentum on Thursday.