Space Exploration Technologies Corp.

(NASDAQ:SPCX) may have pulled off the largest IPO in history, but one ETF executive says investors should not mistake excitement for fundamentals.

"The reality is this name is likely sentiment-driven in the near-term," Direxion CEO Douglas Yones told Benzinga.

"The economics of the company alone could not warrant the lofty valuation." Hype Vs.

Fundamentals SpaceX entered public markets with a valuation that has captivated investors for years.