There’s still really nothing keeping it at even these lower levels except pure hype. By the fundamentals typically applied to aggressive growth companies a “sane” price is closer to $40-60 and even that would be very aggressive considering the company’s financials.

If the company doesn’t quickly show a financial picture that matches the sky high pro formas then even anything close to those levels will become extremely hard to justify.

The bond markets have already turned very negative on SpaceX with extreme red flags developing there.