SpaceX shares experienced their first decline since their IPO on Wednesday, ending a three-day rally that briefly surpassed Amazon's valuation. The stock saw significant intraday swings, though it remains well above its IPO price. Analysts suggest limited free float and upcoming lockup expirations could influence future trading.

A decline followed a surge that edged SpaceX ahead of Amazon as the fifth-largest company.

Shares fell by as much as 7% during volatile trading - after they had been up by 6% earlier in the session. They eventually closed almost 5% lower.