For long-term investors, I would be cautious about chasing either extreme.

The key question is not whether the stock falls 10-20% more, but whether SpaceX can compound revenue and cash flow fast enough to justify its valuation over the next decade. If the thesis rests on Starlink, launch dominance, and Starship eventually opening new markets, a few weeks of post-IPO volatility is largely noise.

Historically, many high-profile IPOs experience a cooling-off period after initial enthusiasm. Three down days alone do not necessarily signal a broken story. At the same time, early sell ratings and stretched expectations suggest risk remains elevated.

My approach would be:

Existing holders: consider trimming only if the position has become oversized.

Interested buyers: scale in gradually rather than trying to pick the bottom.

Momentum traders: wait for a clear base to form before re-entering.

The next major driver is likely execution, not sentiment. If Starlink growth, launch cadence, and Starship progress continue to exceed expectations, valuation concerns may matter less. If growth slows, the market could demand a much lower multiple.