Space X’s blockbuster $86.2 billion initial public offering on June 11 smashed just about every record there is for new listings. Investors large and small rushed to buy shares in the IPO and get behind Elon Musk’s grand vision for data centers in space, expanded Starlink satellite internet service, artificial intelligence, computer chip manufacturing, space tourism and even asteroid mining.

Buyers were rewarded when the shares surged within days from the initial $135 IPO price to more than $225. But less than two months later, the shares sank to as low as $108.27, dousing much of the early euphoria. The stock has since recovered to around $145.

The upcoming second share unlock could introduce additional selling pressure, depending on how major stakeholders choose to act. Investors are watching closely as the company balances growth ambitions with market realities.

Analysts note that while the long-term prospects remain tied to Elon Musk’s broader vision, near-term volatility may persist as the share base expands and trading activity normalizes.