The initial public offering (IPO) honeymoon phase for Musk's SpaceX has drawn to a close. A mere five weeks after making its market debut, the company's market valuation has dwindled by roughly $1 trillion from its peak, with the selling spree showing no signs of abating. The stock price dipped below its IPO price of $135 for the inaugural time last Wednesday. It concluded at $131.11 on Thursday, marking the inaugural instance of closing beneath the offering price, and then plummeted by over 5% once again on Friday. The dwindling market valuation can be attributed to the cancellation of the Starship launch, operational losses, and the looming pressure from the expiration of lock-up periods. The Starship holds paramount importance for SpaceX, and the setbacks in its test flights have eroded market confidence. While a faction of investors maintains an optimistic outlook, the majority harbor skepticism regarding the valuation, with short-sellers gaining momentum.