SpaceX (SPCX) instantly became a retail capital magnet. The stock is now giving early buyers their first gut check.

SpaceX stock is down for a third straight trading day, shaving off more than 30% from its June 16 peak of $225.64. Shares closed at $154.60 and are now up only 3% from their $150 opening print, though they remain about 15% above the $135 IPO price.

The slide comes after SpaceX’s massive post-IPO run briefly made it more valuable than Amazon (AMZN) and Microsoft (MSFT). It also comes as investors look ahead to a future supply question, with insiders potentially able to sell a chunk of locked-up shares after the company reports earnings in early to mid-August.

The pressure is landing after the biggest retail…