Space X shares fall below IPO price of $135 for first time
SpaceX shares fell for a fourth consecutive day on Wednesday, falling below the IPO price of $135 per share for the first time since going public as market enthusiasm for the reusable rocket maker faded. Shares have been volatile since the reusable rocket maker completed its historic IPO last month. The IPO raised a record US$86 billion, making its founder Elon Musk the world's first trillionaire. Shares fell about 1% on Wednesday to close at $135.27 per share. SpaceX's decline comes ahead of the company's 13th "Starship" test flight, scheduled for Thursday, and shows that market enthusiasm for the aerospace company has begun to cool about a month after going public. Last month’s IPO also triggered a wave of IPO boom, and the listings of Anthropic and OpenAI may be imminent. Both companies have filed confidentially with the U.S. Securities and Exchange Commission to go public but have not announced any formal plans. In its first month of trading, SpaceX's stock price jumped to more than $225 per share and surged about 20% on the first full trading day. After being included in the Nasdaq 100 index last week, passive investors bought the stock through funds that track the index. The company was able to join the index thanks to a recent rule change that shortened the eligibility period for newly listed companies to be included in the index to 15 trading days. On the day after it was included in the index, the stock price fell below the first trading price of $150.