<div id="readability-page-1"><div>SpaceX's historic stock market debut has hit its first patch of turbulence.After soaring more than 60% in just a few trading sessions following the largest initial public offering (IPO) in history, shares of Elon Musk's rocket, satellite and artificial intelligence company have begun retreating as investors reassess lofty expectations, valuation concerns and the long road to profitability.The stock fell for a second straight session on June 18, extending its decline from the June 16 peak when SpaceX briefly became one of the world's most valuable companies. Despite the pullback, shares remain roughly 37% above their IPO price of $135, reflecting the extraordinary enthusiasm that surrounded the company's market debut.A classic post-IPO cooldownMarket analysts say the recent decline appears less about deteriorating fundamentals and more about investors taking profits after an explosive rally.&#34;After a run like this, a down day or two looks a lot more like exhaustion than anything fundamental,&#34; Dave Mazza, chief executive of Roundhill Financial, told Bloomberg. &#34;You had a near-vertical move off the IPO, very little float, and at some point buyers simply need to catch their breath.&#34;Patrick O'Hare of Briefing.com echoed that assessment, describing the decline as &#34;just a normal pullback after what has been an accelerated run following the IPO.&#34;cInvestors are questioning a $2 trillion-plus valuationWhile SpaceX has captivated investors with ambitions ranging from reusable rockets and satellite internet to AI infrastructure and space-based data centres, its valuation seems to have raced far ahead of its current financial performance.According to DataTrek Research, SpaceX has become a classic &#34;dream the dream&#34; stock - a company whose market value is driven more by future possibilities than present-day earnings.&#34;SpaceX is what investment bankers and equity salespeople call a 'dream the dream' stock, an investment with no real comps but plenty of potential,&#34; DataTrek said in a note cited by AFP.The firm's valuation has exceeded $2 trillion despite generating revenue that remains far below that of established technology giants such as Microsoft and Amazon.Profitability, a major questionAnother factor weighing on sentiment is the company's financial profile.SpaceX reported a loss of $4.3 billion last year and analysts do not expect it to become profitable anytime soon. The company continues to invest heavily in long-term projects, including plans to build data centres in space and expand its AI-related business operations.That has left investors searching for evidence that future growth projections can justify the stock's premium valuation.&#34;They're going to have to now demonstrate to investors that they're delivering on these high expectations,&#34; O'Hare told AFP. &#34;Everyone's going to have to wait for the first earnings report.&#34;The upcoming earnings season is therefore expected to become a critical test for the newly listed company.Retail traders are becoming more cautiousRetail investors played a major role in the IPO frenzy after receiving roughly 20% of the shares offered during the listing, reports Bloomberg.While individual investors poured money into the stock during its first few trading days, those inflows have started to moderate. Data from Vanda Research showed retail buying slowed significantly on Wednesday, while early trading on Thursday briefly showed net selling before demand stabilised.The shift suggests some investors are beginning to lock in gains after the stock's spectacular opening rally.Growth forecasts remain huge. But so do the risksDespite the recent pullback, many Wall Street analysts remain bullish on SpaceX's long-term prospects.Andrew Beale of Arete Research initiated coverage with a buy rating and a $401 price target, implying substantial upside from current levels. He forecasts the company could generate more than $200 billion in annual revenue by 2030.However, Beale also warned that investors should prepare for volatility.&#34;Space is hard and timelines can slip with launch anomalies, technical challenges, environmental concerns and any number of other factors,&#34; he told Bloomberg.Michael Monaghan, partner and portfolio manager at Founder Funds, said the company's future revenue opportunities remain enormous but far from guaranteed. &#34;We got very comfortable owning this stock because we could see $200 billion of revenue in 2030,&#34; Monaghan told Bloomberg. &#34;But literally and figuratively you need a rocket to go get those revenues.&#34;Index inclusion could provide fresh supportThe recent weakness may not last if major index providers begin adding SpaceX to their benchmarks.The company is expected to become eligible for inclusion in the Nasdaq 100 within weeks and could subsequently be added to FTSE Russell and MSCI indexes. According to index forecast firm Intropic, passive funds could end up owning roughly 30% of SpaceX's free-floating shares shortly after its IPO.That prospect could create fresh demand for the stock at a time when insider lock-up restrictions are keeping the supply of available shares relatively limited.For now, the retreat in SpaceX shares appears to reflect a combination of profit-taking, valuation concerns and investor caution ahead of the company's first earnings report rather than any major deterioration in the business itself.The challenge facing SpaceX is straightforward - the company has already convinced investors to believe in its vision. The next step is proving that its financial results can eventually match the extraordinary expectations embedded in its stock price.</div></div>

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SpaceX shares have retreated from their post-IPO highs, falling for a second consecutive session as investors reassess the company's $2 trillion valuation and long path to profitability. Despite the pullback, stock remains up 37% from its IPO price. Analysts attribute the decline to profit-taking after an explosive rally rather than fundamental issues, though concerns persist regarding high losses and future growth projections ahead of the first earnings report.

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After a stellar liftoff, SpaceX stock begins its descent: What's behind the pullback?