SpaceX extends losing streak to four days, drops below $135 IPO price

SpaceX shares fell for a fourth-straight session on Wednesday, dropping below their $135 initial public offering price for the first time ever.

Shares dropped 1.7% to $134, falling below the $135 apiece IPO price and well below the all-time high of $225.64, which propelled the company's market valuation briefly above those of Silicon Valley giants Microsoft and Amazon .

The decline leaves investors who bought into the company at the IPO price sitting on paper losses for the first time, potentially testing confidence in the stock.

It also offers a reminder that Wall Street enthusiasm can cool quickly, even for a company with the size and scale of SpaceX, which raised around $85.7 billion and fetched a valuation of around $2.1 trillion at the end of its first trading day.

It is not uncommon for a stock to fall below the IPO price, especially during periods of broader market stress.

Wall Street's main indexes have been under pressure in recent weeks due to uncertainty around the Federal Reserve's interest rate path and concerns about the durability of the rally powered by AI winners such as chipmakers.

Still, the drop may bolster critics who had argued that SpaceX's valuation was stretched, as the company was unprofitable and many of its ambitious bets were still untested.

Investors would find better entry points after the first wave of excitement had faded, some analysts had warned before the IPO.

The reversal also underscores the risks of chasing momentum, and the limits of a valuation driven more by narrative than near-term fundamentals.

The stock's addition to prestigious indexes, such as the tech-heavy Nasdaq 100, did little to reignite the buying. Its shares have dropped nearly 13% since they were included in the Nasdaq 100.

The focus now shifts to the company's first results after listing. SpaceX has not yet disclosed when it plans to do it, but has said they will be released only through its website and ‌its social media account on X, and not through wire distribution services.

Sanchari Ghosh is an Assistant Editor at Mint with over 12 years of experience in journalism, specialising in personal finance, DLT & DeFi, geopolitics and foreign policy, with a particular emphasis on how these areas intersect. <br> She writes extensively about how money works in everyday life—helping readers navigate personal finance decisions. <br> As AI reshapes investing behaviour, capital is increasingly flowing into decentralized ecosystems, redefining how assets are managed, traded, and valued. She focuses on explaining how money flows within frameworks like Distributed Ledger Technology (DLT), DeFi protocols, and crypto markets—while also exploring what the future of money could look like in a trustless, programmable financial world. <br> She also focuses on immigration-related issues, simplifying complex topics around visas, passports, overseas financial planning, and the many practical challenges Indians face while moving or living abroad. <br> Alongside personal finance, Sanchari has a strong understanding of international politics, contemporary and historical conflicts, and global state decisions. She closely tracks how geopolitical developments influence economies, markets, and individual financial choices, bringing together finance and global affairs in her reporting. <br> She began her career as a desk editor, which gave her a strong foundation in news writing. Over time, her interest naturally shifted toward personal finance. Before joining Mint in 2020, she worked DNA, The Times of India, Outlook Money, BloombergQuint, and ETMoney. At Mint, she got an opportunity to expand her coverage to include immigration and geopolitical developments while continuing to closely follow personal finance trends and market movements.As a journalist, she is committed to accuracy, intellectual rigour, and fairness. <br> She is an English Major and her work took her across cities including Delhi, Mumbai, and Pune. Living independently f...