SpaceX finally went public. The hype stocks? Not so much.

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SpaceX opened around 1:45 PM Eastern, ran up to $168 off an IPO price of $135, and has been fading ever since. It would be wild — and honestly kind of poetic — if it closes right back at that $135 IPO price.

The Collateral Damage

Here’s what was really fascinating to watch all morning: every single space-related stock that had been ripping higher in anticipation of the SpaceX IPO absolutely cratered today.

I’ll pick on LUNR as the example because it’s been followed closely — down 16% on the day. But I could point to virtually any space stock that was riding the SpaceX hype wave. The moment the IPO actually happened, they all sold off hard.

Some of them were already rolling over before SpaceX even opened for trading. The market didn’t even wait for the news.

The Classic Lesson

Buy the rumor, sell the news. It’s one of the oldest rules in the book, and today was a textbook example playing out in real time across an entire sector.

SpaceX itself will be very interesting to watch into the close. Does it hold $135? Does it bounce? Keep an eye on it.

Have a great weekend everyone — see you Monday. 📈

— Barrie Einarson, Trade Ideas