SpaceX falls to $135 IPO price ahead of Starship launch

SpaceX 股价跌至 135 美元，星舰发射在即

SpaceX’s shares fell to just above $135 on Wednesday, the price that CEO Elon Musk and his company chose ahead of its blockbuster June 12 IPO that raked in nearly $86 billion. The company’s stock spent much of the day below that IPO price, at one point dipping beneath $133 per share, before it traded back up to finish at $135.27.

周三，SpaceX 的股价跌至 135 美元上方，这一价格正是首席执行官埃隆·马斯克及其公司在 6 月 12 日那场筹资近 860 亿美元的重磅 IPO 前所设定的发行价。该股在当天大部分时间里都低于发行价，一度跌破每股 133 美元，随后回升至 135.27 美元收盘。

The dip on Wednesday followed a steady decline in the month since the company went public. SpaceX initially saw its stock price rise to more than $200 in the days after it went public, briefly giving it a valuation that rivaled tech giants like Amazon and Microsoft. Its shares have lost value basically every week since reaching that high point.

周三的下跌延续了该公司上市一个月以来的持续下滑趋势。SpaceX 在上市后的几天里股价曾一度涨至 200 美元以上，市值短暂地与亚马逊和微软等科技巨头比肩。自达到那个高点以来，其股价几乎每周都在缩水。

Some of the volatility is attributable to the fact that just 4% of the company’s total shares are trading on the Nasdaq. That small “float,” as it’s known, combined with an immense amount of constant attention on the company, has created wild swings during the first month of trading. The markets also appear to be sobering up on CEO Elon Musk’s grand vision for the company, part of a broader deflation in tech stocks over the last month.

部分波动归因于该公司仅有 4% 的总股本在纳斯达克交易。这种被称为“流通股”的少量股份，加上外界对该公司持续的高度关注，导致了上市首月股价的剧烈震荡。市场似乎也对首席执行官埃隆·马斯克为公司描绘的宏伟愿景变得冷静，这也是过去一个月科技股整体回调的一部分。

Not only has SpaceX’s stock traded down, but also bonds the company sold in the wake of the IPO are suffering. A prolonged downturn for SpaceX could have wider effects because the company’s stock price is a sign of how investors view the (literal) otherworldly promises Musk has made about what his company can accomplish.

不仅 SpaceX 的股价下跌，该公司在 IPO 后发行的债券也表现疲软。SpaceX 的长期低迷可能会产生更广泛的影响，因为该公司的股价反映了投资者如何看待马斯克对其公司成就所作出的（字面意义上的）“超凡脱俗”的承诺。

SpaceX’s IPO has also set the table for other Big Tech companies like Anthropic and OpenAI to go public. Both of those companies have filed confidentially for an IPO. While neither has set a date to go public, SpaceX’s stock is being closely watched to gauge how successful those IPOs could be.

SpaceX 的 IPO 也为 Anthropic 和 OpenAI 等其他大型科技公司上市铺平了道路。这两家公司都已秘密提交了 IPO 申请。虽然目前尚未确定上市日期，但 SpaceX 的股价正受到密切关注，以评估这些 IPO 可能取得的成功程度。

SpaceX is about to face another early test of the durability of its stock price. On Thursday the company will test launch its Starship rocket for the first time since the IPO. Starship is still very much in development, which means it is prone to failures — the result of SpaceX’s “fly, fail, fix” approach. This will be the first Starship flight since it experienced a booster failure in May.

SpaceX 即将迎来对其股价韧性的又一次早期考验。周四，该公司将进行 IPO 以来的首次星舰（Starship）火箭试射。星舰目前仍处于研发阶段，这意味着它容易出现故障——这是 SpaceX “飞行、失败、修复”模式的结果。这将是星舰自 5 月份助推器故障以来的首次飞行。

And once again, the company does not plan to try to recover the Starship booster or upper stage on this flight, instead opting to have them simulate a landing in the Gulf of Mexico. That means both parts of the overall Starship rocket system will end in an explosion no matter what, even if they don’t run into any problems during the flight plan.

公司再次表示，此次飞行不打算回收星舰助推器或上面级，而是选择让它们在墨西哥湾进行模拟着陆。这意味着无论飞行计划中是否出现问题，星舰火箭系统的两个部分最终都将以爆炸告终。