space x Shares fell for the fourth straight session on Wednesday, briefly falling below their debut price of $135 for the first time as hype for the reusable rocket maker waned.
Shares have soared since the reusable rocket maker’s historic IPO last month, which raised a record $86 billion and cemented founder Elon Musk as the first billionaire.
On Wednesday, the stock fell about 1% to close at $135.27 per share.
SpaceX’s latest breakup comes ahead of the company’s 13th Starship test flight, scheduled for Thursday, and already suggests enthusiasm for the aerospace company is waning, about a month after its blockbuster debut.
Last month’s initial public offering ushered in a potential hot streak of IPOs, with initial public offerings from Anthropic and OpenAI likely coming soon. Both companies have secretly filed with the U.S. Securities and Exchange Commission to go public, but have not disclosed formal plans.
In its first month of trading, SpaceX stock soared to more than $225 per share and soared about 20% on its first trading day.
Its entry into the Nasdaq 100 last week brought passive investors into the stock through index-tracking funds. The company was able to join the exchange due to recent rule changes that shorten the qualification period for newly listed companies to 15 business days.
The stock fell below its initial trading price of $150 on the day after joining the index.
