SpaceX’s $135 Psychological Ceiling: Are Risk Managers Fleeing the IPO?

Since its IPO, SpaceX (SPCX) has treated $135 as a critical psychological barrier in market structure. The company's $75 billion IPO raise and $1.75 trillion valuation marked a significant challenge to traditional capital markets under Elon Musk. However, within five weeks of going public, the stock has retreated over 30% from its $225 peak, trading below the IPO price. This reflects investor skepticism toward its 94x price-to-revenue multiple. Amid a broader tech sector pullback following IBM's historic collapse, high-valued assets like SpaceX face mounting criticism. Even temporary demand from index inclusion rules failed to sustain the stock above $135. With lock-up expirations looming and passive demand exhausted, this level has transformed from support to resistance. In a risk-on environment transitioning to risk-off, $135 now represents a pivotal test for SpaceX bulls.

Post-IPO Gravity Effect

■$135: IPO price and key psychological resistance level

■30% decline: From $225 peak to current levels

■94x revenue multiple: Overvaluation triggering risk manager exits

■Risk-on shift: Tech sector fatigue reshaping investor behavior

Bora Yalın Analysis: While SpaceX's IPO captured attention with aggressive pricing and social media hype, fundamentals lack clarity. Trading below $135 signals caution among both passive and active investors. Projects like Starlink with uncertain revenue models, paired with a $1.75 trillion valuation, suggest market repricing. This reflects a broader risk-on/risk-off cycle entering a new phase.