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In the weeks following its dramatic IPO<\/a>, Elon Musk\u2019s SpaceX has yet to find stable ground.<\/p>\n After shooting up to an all-time high of over $225, shares of the rocket company have swung wildly<\/a> back down to Earth, betraying plenty of uncertainty over the company\u2019s dizzying, north-of-$2-trillion market cap. After all, the company is burning through billions of dollars in cash, and its path to profitability remains as uncertain as ever.<\/p>\n After days of rallying north of the $170 mark, shares took a beating on Wednesday, sliding over seven percent to just under $160, once again approaching its symbolically significant IPO price of $150. As of Wednesday afternoon, the company\u2019s shares are trading almost 30 percent lower than their all-time high.<\/p>\n The drop could be a sign that investors are still trying to make sense of SpaceX\u2019s enormous new valuation, a stunning price to sales ratio of over 115<\/a>. Given the absence of profits, investors are effectively betting on Musk\u2019s grandiose vision of a future filled with orbital AI data centers<\/a> and colonies on the Moon and Mars<\/a>, lofty goals that could take decades to come to fruition \u2014 if ever<\/a>.<\/p>\n Despite the slide, some investors remain bullish. Wedbush analyst and famed Elon Musk supporter Dan Ives set a price target on SpaceX of $190.<\/p>\n \u201cWe view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity, Starship launches leading to a demand flywheel, and increasing deal flow for its Colossus [AI data centers],\u201d he wrote in a note on Tuesday<\/a>.<\/p>\n Ives argued that \u201call of SpaceX\u2019s future business runs through Starship,\u201d calling the enormous spacecraft that\u2019s still in development the \u201csingle largest source of value in the franchise as much as its largest risk.\u201d<\/p>\n Still, SpaceX is struggling to get the world\u2019s largest and most powerful rocket off the ground. The spacecraft has yet to successfully make it to space and back in one piece, an alarming reality considering NASA\u2019s extremely ambitious timelines<\/a> that rely on it. The space agency wants to use Starship to deliver the first astronauts to the surface of the Moon in over half a century \u2014 and within the next two years.<\/p>\n Another element that could explain SpaceX\u2019s wild Wall Street swings is that only roughly five percent of stocks were made available through the IPO last month, meaning that the vast majority of shares remain either restricted or locked up for either insiders or employees.<\/p>\n In short, we\u2019ve likely only seen the beginning of some major volatility at one of the most valuable companies in the world. Nasdaq recently announced that SpaceX would be included in the Nasdaq-100 index on July 7<\/a>, hinting at even more drama as investors struggle to make sense of Musk\u2019s space-and-AI behemoth.<\/p>\n