Before (SPCX) went public, I wrote that the extraordinary demand for the IPO might be the warning.
The shares, priced at $135, raced above $225 and have now completed the round trip. They briefly traded below the offering price before closing almost exactly where the story began. (SPCX) has fallen roughly 40% from its high and lost more than $1 trillion in market value in little more than a month.
