It didn’t take long for SpaceX (SPCX) to turn from hype to a disappointing IPO. The stock is trading near $161 at the time of writing on Thursday afternoon, July 2, nearly 25% below its highest close of $211.39 on June 16.

Many people expected it to become a typical Elon Muskmeme stock, but this quick retreat signaled that tech mega-cap growth stocks aren’t that hot.

The company that achieved a historic initial public offering and raised more than $85 billion, according to Forbes, didn’t wait long to make eyebrow-raising moves.

SpaceX waited less than two weeks after its IPO to raise $25 billion by selling bonds, as reported by CNBC, and this surely didn’t help improve the sentiment.

In a…