SpaceX股价首次跌破发行价，万亿市值蒸发引发AI估值反思
上市仅月余，SpaceX股价跌破135美元IPO价格，从峰值回落40%，市场对人工智能概念股的高估值逻辑产生疑虑。
7月15日，SpaceX股价在盘中跌破135美元的首次公开募股（IPO）发行价，为6月中旬上市以来首次。当日最低触及约133美元，较6月创下的225美元历史高点下跌约40%。据多家金融机构测算，自峰值以来，公司市值已蒸发超过1万亿美元，埃隆·马斯克个人账面财富从约1.45万亿美元降至8568亿美元左右。
此次下跌并非孤立事件，而是市场对人工智能（AI）相关资产重新定价的一部分。北美市场策略师马修·马利（Matthew Maley）指出，跌破发行价“强化了一种叙事，即该股上涨靠的是虚浮的炒作与投机，而非真实基本面”。SpaceX去年亏损49.4亿美元，营收仅186.7亿美元，但其IPO估值一度超过2万亿美元，远超传统科技巨头。随着美联储利率路径不确定，投资者开始从“为预期定价”转向更严格审视企业盈利能力和资本开支效率。
IPO本身创下全球纪录，募资总额约857亿美元，承销团包括高盛、摩根士丹利等20余家华尔街银行，分享逾5亿美元佣金。然而，散户投资者在发行中获配比例高达20%，在当前价位已面临账面亏损。8月即将到来的锁定期到期，将允许早期投资者和员工出售部分股票，可能进一步增加抛压。同期，SpaceX发行的债券也遭遇显著下跌。
市场注意力转向SpaceX作为上市公司的首份季报，预计8月发布，届时将披露更详细的财务数据及AI相关业务的进展。公司计划在2028年前部署轨道数据中心，并已与谷歌、Anthropic和英伟达等签订AI相关协议，但巨额资本支出令部分投资者担忧。此外，第13次星舰试飞被视为降低发射成本的关键节点。在亚洲，AI基础设施投资同样高涨，SpaceX的估值调整或为区域市场提供参照。
| 大西洋／英语圈媒体 | −0.20 | neutral |
|---|---|---|
| 欧洲大陆媒体 | −0.50 | critical |
| 俄罗斯及独联体媒体 | 0.00 | neutral |
The market speaks: an $800 billion wipeout signals that even the most hyped stocks are not immune to gravity.
By highlighting the absolute dollar loss rather than the percentage decline, the narrative amplifies the sense of a catastrophic reversal, making the event seem more significant than a typical IPO drop.
The atlantica frame omits the initial euphoria and the role of retail investors, focusing solely on the loss to create a narrative of sudden collapse.
The continent watches with a mix of schadenfreude and caution as the space stock's meteoric rise meets a hard landing.
By using metaphors of a fall from heaven and emphasizing the 'Kaufrausch' (buying frenzy) of retail investors, the narrative frames the drop as a moral lesson about market excess.
The europea_continentale frame omits the absolute dollar loss of $800 billion, instead focusing on the price decline and the narrative of retail investor folly.
The Russian observer notes the fact without embellishment: the stock is down 40% from highs, below IPO price.
By presenting only the raw data and no commentary, the frame implies that such market movements are routine and not worthy of alarm.
The russa frame omits any context about the IPO hype, the company's valuation, or the broader market reaction, presenting the event as a mere statistical occurrence.