SpaceX's slide below IPO price risks turning blockbuster IPO into confidence test

SpaceX shares have slipped below their USD 135 IPO price, raising concerns among market strategists about speculation and froth driving the stock rather than fundamentals. Experts describe the move as normal price discovery, particularly as lockup expiries trigger selling by venture capitalists and employees. The performance is being closely watched as a potential signal for upcoming mega-IPOs from companies like OpenAI and Anthropic.