SpaceX stock sinks below $135 IPO price for the first time

SpaceX shares fell for a fourth-straight session on Wednesday, dropping below their $135 initial public offering price for the first time as hype around the reusable rocket maker fizzled.

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 suggests enthusiasm for the aerospace company is already cooling off about a month after its blockbuster debut.

Last month's offering also ushered in a potential hot streak for IPOs, with offerings 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 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.