NewsMV
The setup in SpaceX has soured.
Both retail traders and institutional desks have moved into losing positions on Elon Musk's rocket company, and the narrative that was supporting the trade is now working against it, giving new ammunition to sellers.
A potential IPO, long the anchor for the bull case, is suddenly a sharper point of contention.
The bull case runs out of altitude SpaceX had been a consensus name in private markets, with retail and Wall Street alike building exposure on the expectation that the good times would persist.
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