Space Exploration Technologies (SPCX -2.03%) completed its long-awaited initial public offering (IPO) in June. SpaceX stock opened on the Nasdaq at $150, delivering an immediate 11% lift from the offering price of $135. The company ultimately raised about $85.7 billion, far above the previous record set by Saudi Aramco.

In the days that followed, shares of SpaceX continued climbing — closing the first session near $161 and briefly touching an intraday high of more than $225 shortly thereafter. The initial enthusiasm, however, was fleeting. Subsequent trading sessions came with selling pressure as early momentum faded and valuation questions mounted.

As of this writing (Aug. 17), SpaceX stock has rebounded to its first-day trading range…