"The biggest IPO in history" continues to pull back! SpaceX (SPCX.US) has fallen for two consecutive days, dropping nearly 5% before the market opens.

SpaceX (SPCX.US), a space exploration technology company, fell 4.6% in pre-market trading on Monday, continuing a correction trend after a strong increase since its initial public offering. The stock had already dropped over 4.9% last Wednesday, then another 3.5% on Thursday, before the U.S. market was closed on Friday for the June holiday. As of the time of writing, the stock price was down 4.6% in pre-market to $176.4, still up about 30% from its IPO price, with a market value of about $2.4 trillion. Despite recent weakness, SpaceX's current stock price is still far above its IPO price. The stock landed on the NASDAQ on June 12 with an opening price of $150, a premium of 11% over the $135 IPO price, and soared 20% on the first day to close at $160.95. SpaceX's business includes rocket launches, satellite internet, and social media, and it has become one of the most anticipated IPOs in recent years. This historic IPO has also propelled Elon Musk to the position of the world's first trillionaire. This correction comes at a time when investors are evaluating the valuation of one of the largest and most anticipated IPOs in history. KeyBanc Capital Markets has given the stock a "sector-weight" rating, noting that while there are many long-term growth paths, the "short-term risk-return ratio is becoming more balanced." Analyst Michael Leshock said he is waiting for more visibility on the Starship launch schedule, with short-term fluctuations and price discovery still being suppressive factors, along with the gradual unlocking of restricted stocks causing systemic price fluctuations. Last week, investor Michael Burry, known for predicting the subprime mortgage crisis, questioned the company's valuation of nearly $3 trillion, but he currently does not hold a position in SpaceX and noted that options prices for shorting the stock are still too high. Burry described the company as "essentially a small space company, a niche telecommunications company, a struggling social media company, and a lightweight CoreWeave," with annual revenue of less than $20 billion. Among Wall Street analysts, SpaceX has received 5 "strong buy," 1 "buy," and 1 "strong sell" ratings.