<p>SpaceX 的歷史性股票市場首秀遭遇了首個波動期。</p>
<p>在歷史上最大規模的首次公開募股（IPO）後，股票在短短几個交易日內飆升超過 60%，但隨着投資者重新評估高昂的預期、估值擔憂以及通往盈利的漫長道路，埃隆·馬斯克的火箭、衞星和人工智能公司股票開始回落。</p>
<p>6 月 18 日，股票連續第二個交易日下跌，延續了自 6 月 16 日峯值以來的下滑，當時 SpaceX 短暫成為全球最有價值的公司之一。儘管回調，股票仍然比其 IPO 價格 135 美元高出約 37%，反映出圍繞公司市場首秀的非凡熱情。</p>
<p><strong>經典的 IPO 後冷卻期</strong></p>
<p>市場分析師表示，近期的下跌似乎與基本面惡化關係不大，更多是投資者在經歷了一場爆炸性反彈後獲利了結。</p>
<p>Roundhill Financial 首席執行官 Dave Mazza 對_Bloomberg_表示：“在這樣的上漲之後，幾天的下跌看起來更像是疲憊，而不是任何基本面的變化。你在 IPO 後經歷了幾乎垂直的上漲，流通股非常少，某個時刻買家需要喘口氣。”</p>
<p>Briefing.com 的 Patrick O'Hare 對此表示贊同，稱此次下跌 “只是 IPO 後加速上漲後的正常回調。”</p>
<p><strong>投資者質疑超過 2 萬億美元的估值</strong></p>
<p>雖然 SpaceX 以可重複使用的火箭、衞星互聯網、人工智能基礎設施和太空數據中心等雄心吸引了投資者，但其估值似乎遠遠超前於當前的財務表現。</p>
<p>根據 DataTrek Research，SpaceX 已成為經典的 “夢想股票”——其市場價值更多地由未來可能性驅動，而非當前的收益。</p>
<p>DataTrek 在一份被_AFP_引用的報告中表示：“SpaceX 是投資銀行家和股票銷售人員所稱的 ‘夢想股票’，是一項沒有真正可比公司的投資，但潛力巨大。”</p>
<p>該公司的估值已超過 2 萬億美元，儘管其收入仍遠低於微軟和亞馬遜等成熟科技巨頭。</p>
<p><strong>盈利能力是一個重大問題</strong></p>
<p>另一個影響情緒的因素是公司的財務狀況。</p>
<p>SpaceX 去年報告虧損 43 億美元，分析師預計其短期內不會盈利。該公司繼續在長期項目上進行大量投資，包括在太空建設數據中心和擴展其與人工智能相關的業務。</p>
<p>這使得投資者在尋找證據，以證明未來的增長預期能夠證明股票的高估值。</p>
<p>O'Hare 對_AFP_表示：“他們現在必須向投資者證明，他們能夠實現這些高期望。每個人都必須等待第一次財報。”</p>
<p>因此，即將到來的財報季預計將成為這家新上市公司的關鍵考驗。</p>
<p><strong>散户交易者變得更加謹慎</strong></p>
<p>散户投資者在 IPO 熱潮中發揮了重要作用，報告稱他們在上市期間獲得了大約 20% 的股份。</p>
<p>儘管個別投資者在最初的幾個交易日內大量投入資金，但這些資金流入已開始減緩。Vanda Research 的數據表明，週三散户購買顯著放緩，而週四早盤交易短暫出現淨賣出，隨後需求穩定。</p>
<p>這一變化表明，一些投資者開始在股票的驚人開盤反彈後鎖定收益。</p>
<p><strong>增長預測依然巨大，但風險也同樣存在</strong></p>
<p>儘管近期回調，許多華爾街分析師對 SpaceX 的長期前景仍持樂觀態度。</p>
<p>Arete Research 的 Andrew Beale 啓動了覆蓋，給予買入評級，目標價為 401 美元，意味着從當前水平有相當大的上漲空間。他預測該公司到 2030 年可能實現超過 2000 億美元的年收入。</p>
<p>然而，Beale 也警告投資者應為波動做好準備。</p>
<p>他對_Bloomberg_表示：“太空是困難的，時間表可能因發射異常、技術挑戰、環境問題以及其他各種因素而延遲。”</p>
<p>Founder Funds 的合夥人兼投資組合經理 Michael Monaghan 表示，該公司的未來收入機會仍然巨大，但遠非保證。“我們非常樂意持有這隻股票，因為我們可以看到 2030 年有 2000 億美元的收入，” Monaghan 對_Bloomberg_表示。“但字面上和比喻上，你需要一枚火箭來獲取這些收入。”</p>
<p><strong>指數納入可能提供新的支持</strong></p>
<p>如果主要指數提供商開始將 SpaceX 納入其基準，近期的疲軟可能不會持續。</p>
<p>該公司預計將在幾周內符合納入納斯達克 100 指數的資格，隨後可能被納入 FTSE Russell 和 MSCI 指數。根據指數預測公司 Intropic 的説法，被動基金在 IPO 後不久可能會擁有大約 30% 的 SpaceX 自由流通股份。</p>
<p>這一前景可能在內部鎖定限制使可用股份供應相對有限的情況下，為股票創造新的需求。</p>
<p>目前，SpaceX 股票的回落似乎反映了獲利了結、估值擔憂以及投資者在公司首次財報發佈前的謹慎，而不是業務本身的重大惡化。</p>
<p>SpaceX 面臨的挑戰很簡單——公司已經説服投資者相信其願景。下一步是證明其財務業績最終能夠與其股價中藴含的非凡預期相匹配。</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 的股票從首次公開募股後的高點回落，連續第二個交易日下跌，因為投資者重新評估該公司的 2 萬億美元估值和漫長的盈利之路。儘管出現回調，但股票仍比首次公開募股價格上漲了 37%。分析師將此次下跌歸因於在爆炸性反彈後的獲利了結，而非基本面問題，儘管在首次財報發佈前，關於高額虧損和未來增長預期的擔憂依然存在</p>

<p>SpaceX's historic stock market debut has hit its first patch of turbulence.</p>
<div class="lb-trans"><p>SpaceX 的歷史性股票市場首秀遭遇了首個波動期。</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>在歷史上最大規模的首次公開募股（IPO）後，股票在短短几個交易日內飆升超過 60%，但隨着投資者重新評估高昂的預期、估值擔憂以及通往盈利的漫長道路，埃隆·馬斯克的火箭、衞星和人工智能公司股票開始回落。</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，股票連續第二個交易日下跌，延續了自 6 月 16 日峯值以來的下滑，當時 SpaceX 短暫成為全球最有價值的公司之一。儘管回調，股票仍然比其 IPO 價格 135 美元高出約 37%，反映出圍繞公司市場首秀的非凡熱情。</p>
</div><p><strong>A classic post-IPO cooldown</strong></p>
<div class="lb-trans"><p><strong>經典的 IPO 後冷卻期</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>市場分析師表示，近期的下跌似乎與基本面惡化關係不大，更多是投資者在經歷了一場爆炸性反彈後獲利了結。</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 首席執行官 Dave Mazza 對_Bloomberg_表示：“在這樣的上漲之後，幾天的下跌看起來更像是疲憊，而不是任何基本面的變化。你在 IPO 後經歷了幾乎垂直的上漲，流通股非常少，某個時刻買家需要喘口氣。”</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 對此表示贊同，稱此次下跌 “只是 IPO 後加速上漲後的正常回調。”</p>
</div><p><strong>cInvestors are questioning a $2 trillion-plus valuation</strong></p>
<div class="lb-trans"><p><strong>投資者質疑超過 2 萬億美元的估值</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>雖然 SpaceX 以可重複使用的火箭、衞星互聯網、人工智能基礎設施和太空數據中心等雄心吸引了投資者，但其估值似乎遠遠超前於當前的財務表現。</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>根據 DataTrek Research，SpaceX 已成為經典的 “夢想股票”——其市場價值更多地由未來可能性驅動，而非當前的收益。</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_引用的報告中表示：“SpaceX 是投資銀行家和股票銷售人員所稱的 ‘夢想股票’，是一項沒有真正可比公司的投資，但潛力巨大。”</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>該公司的估值已超過 2 萬億美元，儘管其收入仍遠低於微軟和亞馬遜等成熟科技巨頭。</p>
</div><p><strong>Profitability, a major question</strong></p>
<div class="lb-trans"><p><strong>盈利能力是一個重大問題</strong></p>
</div><p>Another factor weighing on sentiment is the company's financial profile.</p>
<div class="lb-trans"><p>另一個影響情緒的因素是公司的財務狀況。</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 去年報告虧損 43 億美元，分析師預計其短期內不會盈利。該公司繼續在長期項目上進行大量投資，包括在太空建設數據中心和擴展其與人工智能相關的業務。</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>這使得投資者在尋找證據，以證明未來的增長預期能夠證明股票的高估值。</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 對_AFP_表示：“他們現在必須向投資者證明，他們能夠實現這些高期望。每個人都必須等待第一次財報。”</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，即將到來的財報季預計將成為這家新上市公司的關鍵考驗。</p>
</div><p><strong>Retail traders are becoming more cautious</strong></p>
<div class="lb-trans"><p><strong>散户交易者變得更加謹慎</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>散户投資者在 IPO 熱潮中發揮了重要作用，報告稱他們在上市期間獲得了大約 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>儘管個別投資者在最初的幾個交易日內大量投入資金，但這些資金流入已開始減緩。Vanda Research 的數據表明，週三散户購買顯著放緩，而週四早盤交易短暫出現淨賣出，隨後需求穩定。</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>這一變化表明，一些投資者開始在股票的驚人開盤反彈後鎖定收益。</p>
</div><p><strong>Growth forecasts remain huge. But so do the risks</strong></p>
<div class="lb-trans"><p><strong>增長預測依然巨大，但風險也同樣存在</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>儘管近期回調，許多華爾街分析師對 SpaceX 的長期前景仍持樂觀態度。</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 啓動了覆蓋，給予買入評級，目標價為 401 美元，意味着從當前水平有相當大的上漲空間。他預測該公司到 2030 年可能實現超過 2000 億美元的年收入。</p>
</div><p>However, Beale also warned that investors should prepare for volatility.</p>
<div class="lb-trans"><p>然而，Beale 也警告投資者應為波動做好準備。</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>他對_Bloomberg_表示：“太空是困難的，時間表可能因發射異常、技術挑戰、環境問題以及其他各種因素而延遲。”</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 的合夥人兼投資組合經理 Michael Monaghan 表示，該公司的未來收入機會仍然巨大，但遠非保證。“我們非常樂意持有這隻股票，因為我們可以看到 2030 年有 2000 億美元的收入，” Monaghan 對_Bloomberg_表示。“但字面上和比喻上，你需要一枚火箭來獲取這些收入。”</p>
</div><p><strong>Index inclusion could provide fresh support</strong></p>
<div class="lb-trans"><p><strong>指數納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>如果主要指數提供商開始將 SpaceX 納入其基準，近期的疲軟可能不會持續。</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>該公司預計將在幾周內符合納入納斯達克 100 指數的資格，隨後可能被納入 FTSE Russell 和 MSCI 指數。根據指數預測公司 Intropic 的説法，被動基金在 IPO 後不久可能會擁有大約 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>這一前景可能在內部鎖定限制使可用股份供應相對有限的情況下，為股票創造新的需求。</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獲利了結、估值擔憂以及投資者在公司首次財報發佈前的謹慎，而不是業務本身的重大惡化。</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 面臨的挑戰很簡單——公司已經説服投資者相信其願景。下一步是證明其財務業績最終能夠與其股價中藴含的非凡預期相匹配。</p>
</div>

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

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在經歷了輝煌的起飛之後，SpaceX 的股票開始下跌：這次回調背後的原因是什麼？