It’s also one of the thinnest floats IPO’ing. They’re only selling less than 5% of the company. That introduces a lot of sensitivity in the valuation, not to mention there exists a bit of game theory around fund managers needing to join in to maintain nominal returns with their peers.
Check out Matt Levine commentary, which goes into more detail (SpaceX Indexing) https://www.bloomberg.com/opinion/newsletters/2026-03-31/are...