Elon Musk's SpaceX is getting hammered as its stock sinks below its IPO price, a bad sign for retail investors who bought into the AI and space hype at the top.

• SpaceX shares have fallen 20% below their IPO price, wiping out more than $1.2 trillion since last month's peak.
• Short sellers are piling in — 30% of shares are sold short — betting the AI-in-space story is overhyped.
• Wall Street pushed the IPO hard to retail buyers after banks and insiders cashed in, and now SpaceX insiders can start selling next week.
• The Cybertruck is being called the biggest flop in car history, adding to the pressure on Musk.
• Companies keep piling on debt to build AI data centers, and layoffs are spreading — Visa is cutting 7% of staff, hitting customer service and young workers hardest.

Outlook: With insider selling about to begin and short sellers circling, SpaceX shares and the broader AI trade could keep sliding.