SpaceX stock sinks below $135 IPO price for first time

SpaceX shares dropped for a fourth straight session Wednesday, falling below their $135 initial public offering price for the first time. The stock closed about 2% lower, roughly 34% below the IPO price set last month.

The reusable rocket maker's debut raised a record $86 billion and made founder Elon Musk the first trillionaire. Shares surged as high as $202 in the first month of trading and jumped about 20% on the first full day.

Last week's addition to the Nasdaq-100 brought passive inflows through index-tracking funds. A recent rule change shortened the eligibility period to 15 trading days for newly public companies, allowing SpaceX to join the index. Shares fell below their first trade price of $150 the day after inclusion.

SpaceX's blockbuster IPO kicked off a potentially busy stretch for new listings. Anthropic and OpenAI have confidentially filed with the SEC but have not set official plans.