SpaceX Shares Slip Below IPO Price as Investor Enthusiasm Fades

Shares of SpaceX fell below their $135 initial public offering (IPO) price for the first time since the company's record-breaking Wall Street debut, signaling a sharp cooling in investor enthusiasm after an explosive rally. The stock dropped about 2% to around $133 per share during Wednesday trading, extending a steep decline from its post-IPO peak of more than $225 reached last month. The sell-off comes as investors reassess the company's lofty valuation, ongoing financial losses, and broader market uncertainty, prompting many to take profits after the stock's early surge. Analysts say the decline reflects a period of price discovery that is common after major IPOs, but attention is now turning to SpaceX's upcoming earnings report, which is expected to provide investors with a clearer picture of the company's financial performance and future growth prospects.