When Elon Musk's Space Exploration Technologies (NASDAQ: SPCX) -- commonly known as SpaceX -- priced its IPO at $135 per share, many said it was too expensive. But now SpaceX's stock has fallen more than 40% from its high and is trading at about $116 per share as I write this, 13.2% below its IPO price. SpaceX estimates an eventual $26.5 trillion market for its AI applications, but right now it primarily just sells compute to other companies. Google's parent company, Alphabet, for example, is renting compute capacity from SpaceX for $920 million per month. And SpaceX has now failed to launch its (apparently unlucky) 13th Starship test flight twice but intends to try again on Thursday.