SpaceX(SPCX)今日盘中大跌5.14%，股价创下上市以来新低，引发市场广泛关注。
消息面上，此次股价下跌主要受到多重压力压制。首先，市场普遍担忧即将到来的内部人士股份解禁潮。SpaceX上市时实际可流通股比例不足5%，人为制造了稀缺性以推高股价。随着公司二季度财报发布后启动分阶段解禁，未来数月内部人士可出售股份比例将大幅增加，市场预期显著的抛压即将到来。
其次，巨大的估值分歧持续困扰市场。一方面，有资深投资人警告称该股因稀缺性消失，实际价值可能远低于当前股价；另一方面，华尔街投行目标价差异巨大，显示出市场对其高估值与持续亏损现状的谨慎情绪。此外，公司此前以全股票方式收购Cursor导致现有股东持股被稀释，以及其债券在信用市场上的利差走阔，均加剧了投资者的担忧。尽管美国联邦航空管理局(FAA)已为星舰第13次试飞扫清障碍等业务利好存在，但未能扭转市场对上述结构性风险的负面看法。
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