SpaceX Stock Falls Below IPO Price for First Time After 40% Peak Decline

SpaceX (SPCX) shares dropped below their $135 IPO price for the first time on Wednesday, falling as low as $132.15 intraday before recovering to close at $135.27. The stock has lost roughly 40% from its peak of around $225, marking the fourth consecutive session of losses just over a month after the company's record-setting June IPO.

Why it matters: The decline came ahead of an anticipated Starship launch, as the blistering post-IPO rally unraveled and bears took notice of the sharp pullback.