SpaceX stock isn’t just falling. It’s hitting every branch on the way down.

After surging to a $2.6 trillion valuation on its third day of public trading, SpaceX stock has tumbled 46%, wiping out more than $1.2 trillion of that in the process.

The initial wave of selling came as investors balked at lofty valuations. Elon Musk certainly has his core base of die-hard followers, but it was still hard for the market to wrap its head around SpaceX as one of the 10 most valuable companies on earth.

More recently, on Wednesday after earnings, traders rebelled against heavier-than-expected AI spending, which overruled a revenue beat. The result was a 14% single-day drop, the company’s second-biggest to…