SpaceX shares fell for a fourth-straight session on Wednesday, dropping below their $135 initial public offering price for the first time, about a week after joining the Nasdaq-100.
Shares have whipsawed since the reusable rocket maker’s historic IPO last month, which raised a record $86 billion and cemented founder Elon Musk as the first trillionaire.
The stock slumped about 2% on Wednesday, putting shares about 34% below their IPO price.
SpaceX’s unwind comes ahead of the company’s 13th Starship test flight slated for Thursday, and signals that hype for the reusable rocket maker is fading about a month after its blockbuster debut
Last month’s offering kicked off a period of hotly anticipated offerings, with IPOs from Anthropic and OpenAI likely on the horizon. Both companies have confidentially filed to go public with the U.S. Securities and Exchange Commission, but haven’t provided any official plans.
During its first month of trading, SpaceX shares jumped to more than $225 a share and skyrocketed about 20% on its first full trading day.
Last week’s induction into the concentrated Nasdaq-100 brought passive investors into the stock through index-tracking funds. The company was able to join the exchange due to a recent rule change that shortened the eligibility period to 15 trading days for newly public companies.
Shares slumped below their first trade price of $150 a day after joining the index.
