Space Exploration Technologies (SPCX 4.51%) pulled off the largest IPO in history last month, opening at $150 per share and ending the day at $161, with a market value of $2.1 trillion. The stock has been highly volatile since then, rising to a high of about $225 before eventually declining below its opening price. SpaceX’s shares are currently worth $145 apiece. Should investors buy the stock at current levels?

When expectations meet reality

IPOs tend to generate significant enthusiasm because they offer the opportunity to invest in promising companies early. Imagine buying shares of Amazon (AMZN 0.73%) on the day it went public. Even a relatively modest investment in the e-commerce leader then would be worth a small fortune today….