SpaceX Shares Fall for First Time Since Blockbuster Debut (3)

SpaceX shares declined for the first time since its record initial public offering, snapping a three-day rally that had reached nearly 50%.

Shares of Elon Musk’s rocket and AI firm fell about 5% after a volatile session that saw the stock initially gain as much as 6% before reversing. The decline dragged SpaceX back below Amazon.com Inc. in value, making it the sixth-largest company in the world with a market capitalization of about $2.5 trillion. Still, the shares are more than 42% above their $135 IPO price.

“Long story short, I think this is just noise so far. If ...