$SpaceX(SPCX)$ It would be surprising if $111 isn't the bottom. That's nearly a perfect 50% haircut from the highs. If the stock keeps falling apart, it probably kills the idea of another trillion-dollar IPO because the market simply won't trust underwriter pricing anymore. Underwriters already made around $560 million off this IPO alone. No telling how much Goldman Sachs, JP Morgan and others have pocketed shorting the stock along the way.
The same kind of setup looks likely for the Anthropic and OpenAI IPOs. Overprice and overhype to squeeze maximum underwriting fees, run the price to a blowoff top, then short it all the way back down. The whole thing plays like a game run by the casino operators. And now the casino operators happen to have the only regulatory body, the SEC, on their side to adjust the rules in the house's favor.
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