SpaceX shares have dropped below their debut price, and the whole bullish Wall Street push looks shaky for anyone thinking of buying in.

• SpaceX stock now trades below its IPO price, so first-day buyers are already losing money, even after joining the Nasdaq 100.
• Wall Street analysts are slapping "strong buy" ratings and wild price targets on it, from Morgan Stanley's $217–300 up to Raymond James at $800.
• The pitch rests on "orbital data centers" in space and a new AI push, but the hard problems — cooling, power, maintenance, space debris — get glossed over.
• One underwriter's own report admits the company won't turn cash-flow positive until 2035 and needs about $84 billion a year in outside money through 2034.
• If debt markets won't fund that cash burn, SpaceX may have to dump more stock or slow its plans.

Outlook: Expect more price swings, and a likely rocket failure at some point that knocks the stock down hard on the day.