SpaceX Shares Fall Below $135 IPO Price for First Time After Earlier Gains

SpaceX shares fell below their $135 initial public offering price on Wednesday for the first time. The stock declined about 2 percent, extending losses to a fourth consecutive session and leaving shares roughly 34 percent below the IPO price. The company completed its IPO last month, raising a record $86 billion.

Shares opened at $150 on the first day of trading and rose more than 20 percent that session before climbing above $225 during the first month. SpaceX joined the Nasdaq-100 last week after a rule change shortened the eligibility period for newly public companies to 15 trading days. The stock fell below its first trade price of $150 the day after the index inclusion.

The company's 13th Starship test flight is scheduled for Thursday.