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SpaceX shares are falling in premarket trading, continuing a pullback that has now stretched across two consecutive full trading sessions and is eroding a portion of the gains built during the surge that followed the company's record-breaking initial public offering on June 12.
For a debut that commanded as much market attention as SpaceX's listing, the reversal brings an early and familiar complication: the post-IPO honeymoon ending before new investors have found their footing.
A Record IPO Meets the Gravity of Price Discovery The sequence is one markets know well.
A high-profile listing generates a record, the record generates a rally, the rally attracts momentum buyers, and then the trade gets crowded.
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