SpaceX Falls Below $135 IPO Price for the First Time as Hype Fades

SpaceX shares fell for a fourth straight session Wednesday, briefly dropping below their $135 initial public offering price for the first time since last month's record-setting debut. The stock declined as much as 2.9% to $132.15.

The pullback marks a sharp reversal for one of the most anticipated listings in market history. SpaceX raised a record $86 billion in its IPO and saw shares surge past $225 in the first month of trading, briefly pushing its market capitalization to $2.6 trillion. The decline leaves the rocket maker valued at roughly $1.75 trillion.

Analysts attribute the selloff to profit-taking, a reassessment of the company's lofty valuation, and the unwinding of heavily bullish positioning built up around the debut. Attention now turns to the company's next Starship launch as a potential catalyst.