It was a strange day to own a space stock. While SpaceX jumped about 19% in its first session as a public company, several of the smaller, already-public names in the sector went sharply in the other direction. As of this writing, shares of Rocket Lab (RKLB 10.91%), AST SpaceMobile (ASTS 15.62%), and Intuitive Machines (LUNR 13.12%) were all down meaningfully, even as the company they’re so often compared to was being celebrated.

So, what happened?

One widely floated explanation is rotation. With retail demand for SpaceX shares running hot, the theory goes that some investors sold their existing space holdings to free up cash for an allocation in the debut. If that’s the main driver, the drop says little about these businesses and a lot…