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SpaceX shares declined 8% and are heading toward a third consecutive day of losses, reversing momentum that had built since the company's record-breaking initial public offering on June 12.
Two full trading sessions of declines have now followed the initial post-IPO surge, marking a decisive cooling of the enthusiasm that surrounded the debut.
The Post-IPO Reset SpaceX's IPO earned the descriptor "record-breaking" — which tends to mean demand was exceptional and early pricing reflected that premium.
Stocks that debut under those conditions frequently attract a secondary wave of buyers who extend the rally into subsequent sessions. That wave appears to have crested.
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