SpaceX Stock Drops Below $135 IPO Price for First Time
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- SpaceX shares dropped about 2% on Wednesday for a fourth consecutive losing session, falling below their $135 IPO price for the first time — roughly 34% below the debut price.
- The company's IPO last month raised a record $86 billion and made founder Elon Musk the first trillionaire, with shares peaking near $202 during the first month of trading before reversing.
- SpaceX joined the Nasdaq-100 last week under a new rule that shortened eligibility to 15 trading days for newly public companies, but shares slipped below their first trade price of $150 just a day after the inclusion.
- Anthropic and OpenAI have both confidentially filed with the SEC to go public, with their IPOs expected as part of a potentially record-breaking stretch of offerings that SpaceX's blockbuster debut helped kick off.
Why it matters: SpaceX's roughly 34% drop from its $135 IPO price within just one month of trading — which came even after last week's Nasdaq-100 inclusion brought passive index buying — shows that record-breaking debuts don't insulate newly public stocks from rapid reversals once the initial trading frenzy cools.
