Bloomberg reported that SpaceX shares fell about 5% on Wednesday, snapping a three-day post-IPO rally that had reached nearly 50%, after an intraday swing that saw the stock initially surge as much as 6% before reversing. The decline pushed SpaceX back below Amazon in market capitalization, leaving the company valued at approximately $2.5 trillion — the sixth-largest in the world — though shares remain more than 42% above their $135 IPO price.

The pullback came amid a broader US equity selloff following the Federal Reserve's decision to hold interest rates steady under new chairman Kevin Warsh, with traders fully pricing in a rate hike by October; the S&P 500 fell 1.2% and the Nasdaq 100 shed 1%. Bloomberg noted that only about 4.2% of SpaceX's total shares were available to trade at debut, with low float amplifying intraday volatility and potential downside pressure expected as insider lockups expire.

Before Wednesday's decline, SpaceX had been the most-bought stock by retail investors since its IPO, matching the combined buying of Nvidia, Alphabet, Amazon, Meta, and major index ETFs, according to Vanda Research, which noted a possible rotation from Tesla into SpaceX as the "cleaner AI and tech exposure."

Over 1.4 million SpaceX options contracts changed hands Wednesday, making it the third-most traded security in the US options market. Index inclusion timelines diverged: SpaceX becomes eligible for the Nasdaq 100 after 15 trading days following rule changes by Nasdaq Inc., but faces at least a 12-month wait for S&P 500 inclusion under existing profitability and float requirements.