TradingKey – On June 12, Eastern Time, SpaceX ( SPCX) listed on Nasdaq at a price of $135 per share, with its stock price at one point surging to $225.64 in the subsequent trading sessions, pushing its market capitalization close to $3 trillion. However, on July 15, the stock price broke below its $135 IPO price intraday for the first time, hitting a low of $132.15 and closing at $135.27, narrowly defending the key level.

Measured from its peak, over $800 billion in market value has evaporated, representing a drawdown of approximately 40%. On the surface, it looks like a roller-coaster ride, but it is actually a normal transition from a “scarcity premium” back to “fundamental pricing.” This is not because the fundamentals have suddenly…