SpaceX Shares Dip Below IPO Price but Recover Above It

SpaceX shares fell below their June initial public offering price of $135 on Wednesday, touching $132.62 before trading back above that level. The decline marked more than a 2 percent drop for the day, compared with a 0.2 percent decline in the Nasdaq index. Shares have now fallen 41 percent from their post-IPO peak above $200.

The June 12 IPO raised nearly $86 billion. Only 4 percent of the company's total shares trade publicly, contributing to sharp price swings since trading began a little over one month ago. SpaceX acquired xAI earlier this year and renamed it SpaceXAI, adding data-centre leasing to its rocket and Starlink satellite operations.

The stock fell 8 percent earlier after Starlink cut prices in the Memphis, Tennessee area. SpaceX is scheduled to release its first public earnings report in August. On Thursday the company plans to launch a Starship rocket, the first flight since a booster failure in May, without attempting to recover either stage.