<p>SpaceX 的历史性股票市场首秀遭遇了首个波动期。</p>
<p>在历史上最大规模的首次公开募股（IPO）后，股票在短短几个交易日内飙升超过 60%，但随着投资者重新评估高昂的预期、估值担忧以及通往盈利的漫长道路，埃隆·马斯克的火箭、卫星和人工智能公司股票开始回落。</p>
<p>6 月 18 日，股票连续第二个交易日下跌，延续了自 6 月 16 日峰值以来的下滑，当时 SpaceX 短暂成为全球最有价值的公司之一。尽管回调，股票仍然比其 IPO 价格 135 美元高出约 37%，反映出围绕公司市场首秀的非凡热情。</p>
<p><strong>经典的 IPO 后冷却期</strong></p>
<p>市场分析师表示，近期的下跌似乎与基本面恶化关系不大，更多是投资者在经历了一场爆炸性反弹后获利了结。</p>
<p>Roundhill Financial 首席执行官 Dave Mazza 对_Bloomberg_表示：“在这样的上涨之后，几天的下跌看起来更像是疲惫，而不是任何基本面的变化。你在 IPO 后经历了几乎垂直的上涨，流通股非常少，某个时刻买家需要喘口气。”</p>
<p>Briefing.com 的 Patrick O'Hare 对此表示赞同，称此次下跌 “只是 IPO 后加速上涨后的正常回调。”</p>
<p><strong>投资者质疑超过 2 万亿美元的估值</strong></p>
<p>虽然 SpaceX 以可重复使用的火箭、卫星互联网、人工智能基础设施和太空数据中心等雄心吸引了投资者，但其估值似乎远远超前于当前的财务表现。</p>
<p>根据 DataTrek Research，SpaceX 已成为经典的 “梦想股票”——其市场价值更多地由未来可能性驱动，而非当前的收益。</p>
<p>DataTrek 在一份被_AFP_引用的报告中表示：“SpaceX 是投资银行家和股票销售人员所称的 ‘梦想股票’，是一项没有真正可比公司的投资，但潜力巨大。”</p>
<p>该公司的估值已超过 2 万亿美元，尽管其收入仍远低于微软和亚马逊等成熟科技巨头。</p>
<p><strong>盈利能力是一个重大问题</strong></p>
<p>另一个影响情绪的因素是公司的财务状况。</p>
<p>SpaceX 去年报告亏损 43 亿美元，分析师预计其短期内不会盈利。该公司继续在长期项目上进行大量投资，包括在太空建设数据中心和扩展其与人工智能相关的业务。</p>
<p>这使得投资者在寻找证据，以证明未来的增长预期能够证明股票的高估值。</p>
<p>O'Hare 对_AFP_表示：“他们现在必须向投资者证明，他们能够实现这些高期望。每个人都必须等待第一次财报。”</p>
<p>因此，即将到来的财报季预计将成为这家新上市公司的关键考验。</p>
<p><strong>散户交易者变得更加谨慎</strong></p>
<p>散户投资者在 IPO 热潮中发挥了重要作用，报告称他们在上市期间获得了大约 20% 的股份。</p>
<p>尽管个别投资者在最初的几个交易日内大量投入资金，但这些资金流入已开始减缓。Vanda Research 的数据表明，周三散户购买显著放缓，而周四早盘交易短暂出现净卖出，随后需求稳定。</p>
<p>这一变化表明，一些投资者开始在股票的惊人开盘反弹后锁定收益。</p>
<p><strong>增长预测依然巨大，但风险也同样存在</strong></p>
<p>尽管近期回调，许多华尔街分析师对 SpaceX 的长期前景仍持乐观态度。</p>
<p>Arete Research 的 Andrew Beale 启动了覆盖，给予买入评级，目标价为 401 美元，意味着从当前水平有相当大的上涨空间。他预测该公司到 2030 年可能实现超过 2000 亿美元的年收入。</p>
<p>然而，Beale 也警告投资者应为波动做好准备。</p>
<p>他对_Bloomberg_表示：“太空是困难的，时间表可能因发射异常、技术挑战、环境问题以及其他各种因素而延迟。”</p>
<p>Founder Funds 的合伙人兼投资组合经理 Michael Monaghan 表示，该公司的未来收入机会仍然巨大，但远非保证。“我们非常乐意持有这只股票，因为我们可以看到 2030 年有 2000 亿美元的收入，” Monaghan 对_Bloomberg_表示。“但字面上和比喻上，你需要一枚火箭来获取这些收入。”</p>
<p><strong>指数纳入可能提供新的支持</strong></p>
<p>如果主要指数提供商开始将 SpaceX 纳入其基准，近期的疲软可能不会持续。</p>
<p>该公司预计将在几周内符合纳入纳斯达克 100 指数的资格，随后可能被纳入 FTSE Russell 和 MSCI 指数。根据指数预测公司 Intropic 的说法，被动基金在 IPO 后不久可能会拥有大约 30% 的 SpaceX 自由流通股份。</p>
<p>这一前景可能在内部锁定限制使可用股份供应相对有限的情况下，为股票创造新的需求。</p>
<p>目前，SpaceX 股票的回落似乎反映了获利了结、估值担忧以及投资者在公司首次财报发布前的谨慎，而不是业务本身的重大恶化。</p>
<p>SpaceX 面临的挑战很简单——公司已经说服投资者相信其愿景。下一步是证明其财务业绩最终能够与其股价中蕴含的非凡预期相匹配。</p>

SPCX

2倍做多SpaceX ETF - GraniteShares

2 倍做多SpaceX ETF

2倍做多SpaceX ETF - ProShares

2倍做空SpaceX ETF - GraniteShares 

2倍做空SpaceX ETF - Leverage Shares

2倍做多SpaceX ETF - Defiance

LOFF

<p>SpaceX 的股票从首次公开募股后的高点回落，连续第二个交易日下跌，因为投资者重新评估该公司的 2 万亿美元估值和漫长的盈利之路。尽管出现回调，但股票仍比首次公开募股价格上涨了 37%。分析师将此次下跌归因于在爆炸性反弹后的获利了结，而非基本面问题，尽管在首次财报发布前，关于高额亏损和未来增长预期的担忧依然存在</p>

<p>SpaceX's historic stock market debut has hit its first patch of turbulence.</p>
<div class="lb-trans"><p>SpaceX 的历史性股票市场首秀遭遇了首个波动期。</p>
</div><p>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.</p>
<div class="lb-trans"><p>在历史上最大规模的首次公开募股（IPO）后，股票在短短几个交易日内飙升超过 60%，但随着投资者重新评估高昂的预期、估值担忧以及通往盈利的漫长道路，埃隆·马斯克的火箭、卫星和人工智能公司股票开始回落。</p>
</div><p>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.</p>
<div class="lb-trans"><p>6 月 18 日，股票连续第二个交易日下跌，延续了自 6 月 16 日峰值以来的下滑，当时 SpaceX 短暂成为全球最有价值的公司之一。尽管回调，股票仍然比其 IPO 价格 135 美元高出约 37%，反映出围绕公司市场首秀的非凡热情。</p>
</div><p><strong>A classic post-IPO cooldown</strong></p>
<div class="lb-trans"><p><strong>经典的 IPO 后冷却期</strong></p>
</div><p>Market analysts say the recent decline appears less about deteriorating fundamentals and more about investors taking profits after an explosive rally.</p>
<div class="lb-trans"><p>市场分析师表示，近期的下跌似乎与基本面恶化关系不大，更多是投资者在经历了一场爆炸性反弹后获利了结。</p>
</div><p>&#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 <em>Bloomberg</em>. &#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;</p>
<div class="lb-trans"><p>Roundhill Financial 首席执行官 Dave Mazza 对_Bloomberg_表示：“在这样的上涨之后，几天的下跌看起来更像是疲惫，而不是任何基本面的变化。你在 IPO 后经历了几乎垂直的上涨，流通股非常少，某个时刻买家需要喘口气。”</p>
</div><p>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;</p>
<div class="lb-trans"><p>Briefing.com 的 Patrick O'Hare 对此表示赞同，称此次下跌 “只是 IPO 后加速上涨后的正常回调。”</p>
</div><p><strong>cInvestors are questioning a $2 trillion-plus valuation</strong></p>
<div class="lb-trans"><p><strong>投资者质疑超过 2 万亿美元的估值</strong></p>
</div><p>While 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.</p>
<div class="lb-trans"><p>虽然 SpaceX 以可重复使用的火箭、卫星互联网、人工智能基础设施和太空数据中心等雄心吸引了投资者，但其估值似乎远远超前于当前的财务表现。</p>
</div><p>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.</p>
<div class="lb-trans"><p>根据 DataTrek Research，SpaceX 已成为经典的 “梦想股票”——其市场价值更多地由未来可能性驱动，而非当前的收益。</p>
</div><p>&#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 <em>AFP</em>.</p>
<div class="lb-trans"><p>DataTrek 在一份被_AFP_引用的报告中表示：“SpaceX 是投资银行家和股票销售人员所称的 ‘梦想股票’，是一项没有真正可比公司的投资，但潜力巨大。”</p>
</div><p>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.</p>
<div class="lb-trans"><p>该公司的估值已超过 2 万亿美元，尽管其收入仍远低于微软和亚马逊等成熟科技巨头。</p>
</div><p><strong>Profitability, a major question</strong></p>
<div class="lb-trans"><p><strong>盈利能力是一个重大问题</strong></p>
</div><p>Another factor weighing on sentiment is the company's financial profile.</p>
<div class="lb-trans"><p>另一个影响情绪的因素是公司的财务状况。</p>
</div><p>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.</p>
<div class="lb-trans"><p>SpaceX 去年报告亏损 43 亿美元，分析师预计其短期内不会盈利。该公司继续在长期项目上进行大量投资，包括在太空建设数据中心和扩展其与人工智能相关的业务。</p>
</div><p>That has left investors searching for evidence that future growth projections can justify the stock's premium valuation.</p>
<div class="lb-trans"><p>这使得投资者在寻找证据，以证明未来的增长预期能够证明股票的高估值。</p>
</div><p>&#34;They're going to have to now demonstrate to investors that they're delivering on these high expectations,&#34; O'Hare told <em>AFP</em>. &#34;Everyone's going to have to wait for the first earnings report.&#34;</p>
<div class="lb-trans"><p>O'Hare 对_AFP_表示：“他们现在必须向投资者证明，他们能够实现这些高期望。每个人都必须等待第一次财报。”</p>
</div><p>The upcoming earnings season is therefore expected to become a critical test for the newly listed company.</p>
<div class="lb-trans"><p>因此，即将到来的财报季预计将成为这家新上市公司的关键考验。</p>
</div><p><strong>Retail traders are becoming more cautious</strong></p>
<div class="lb-trans"><p><strong>散户交易者变得更加谨慎</strong></p>
</div><p>Retail investors played a major role in the IPO frenzy after receiving roughly 20% of the shares offered during the listing, reports <em>Bloomberg</em>.</p>
<div class="lb-trans"><p>散户投资者在 IPO 热潮中发挥了重要作用，报告称他们在上市期间获得了大约 20% 的股份。</p>
</div><p>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.</p>
<div class="lb-trans"><p>尽管个别投资者在最初的几个交易日内大量投入资金，但这些资金流入已开始减缓。Vanda Research 的数据表明，周三散户购买显著放缓，而周四早盘交易短暂出现净卖出，随后需求稳定。</p>
</div><p>The shift suggests some investors are beginning to lock in gains after the stock's spectacular opening rally.</p>
<div class="lb-trans"><p>这一变化表明，一些投资者开始在股票的惊人开盘反弹后锁定收益。</p>
</div><p><strong>Growth forecasts remain huge. But so do the risks</strong></p>
<div class="lb-trans"><p><strong>增长预测依然巨大，但风险也同样存在</strong></p>
</div><p>Despite the recent pullback, many Wall Street analysts remain bullish on SpaceX's long-term prospects.</p>
<div class="lb-trans"><p>尽管近期回调，许多华尔街分析师对 SpaceX 的长期前景仍持乐观态度。</p>
</div><p>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.</p>
<div class="lb-trans"><p>Arete Research 的 Andrew Beale 启动了覆盖，给予买入评级，目标价为 401 美元，意味着从当前水平有相当大的上涨空间。他预测该公司到 2030 年可能实现超过 2000 亿美元的年收入。</p>
</div><p>However, Beale also warned that investors should prepare for volatility.</p>
<div class="lb-trans"><p>然而，Beale 也警告投资者应为波动做好准备。</p>
</div><p>&#34;Space is hard and timelines can slip with launch anomalies, technical challenges, environmental concerns and any number of other factors,&#34; he told <em>Bloomberg</em>.</p>
<div class="lb-trans"><p>他对_Bloomberg_表示：“太空是困难的，时间表可能因发射异常、技术挑战、环境问题以及其他各种因素而延迟。”</p>
</div><p>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;</p>
<div class="lb-trans"><p>Founder Funds 的合伙人兼投资组合经理 Michael Monaghan 表示，该公司的未来收入机会仍然巨大，但远非保证。“我们非常乐意持有这只股票，因为我们可以看到 2030 年有 2000 亿美元的收入，” Monaghan 对_Bloomberg_表示。“但字面上和比喻上，你需要一枚火箭来获取这些收入。”</p>
</div><p><strong>Index inclusion could provide fresh support</strong></p>
<div class="lb-trans"><p><strong>指数纳入可能提供新的支持</strong></p>
</div><p>The recent weakness may not last if major index providers begin adding SpaceX to their benchmarks.</p>
<div class="lb-trans"><p>如果主要指数提供商开始将 SpaceX 纳入其基准，近期的疲软可能不会持续。</p>
</div><p>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.</p>
<div class="lb-trans"><p>该公司预计将在几周内符合纳入纳斯达克 100 指数的资格，随后可能被纳入 FTSE Russell 和 MSCI 指数。根据指数预测公司 Intropic 的说法，被动基金在 IPO 后不久可能会拥有大约 30% 的 SpaceX 自由流通股份。</p>
</div><p>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.</p>
<div class="lb-trans"><p>这一前景可能在内部锁定限制使可用股份供应相对有限的情况下，为股票创造新的需求。</p>
</div><p>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.</p>
<div class="lb-trans"><p>目前，SpaceX 股票的回落似乎反映了获利了结、估值担忧以及投资者在公司首次财报发布前的谨慎，而不是业务本身的重大恶化。</p>
</div><p>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.</p>
<div class="lb-trans"><p>SpaceX 面临的挑战很简单——公司已经说服投资者相信其愿景。下一步是证明其财务业绩最终能够与其股价中蕴含的非凡预期相匹配。</p>
</div>

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

Money Control

SpaceX

Direxion Daily SpaceX Bull 2X ETF

在经历了辉煌的起飞之后，SpaceX 的股票开始下跌：这次回调背后的原因是什么？