New York — SpaceX shares fell below their $135 initial public offering price for the first time on Wednesday, extending a four-day losing streak and marking a sharp reversal from last month’s rally. The stock traded as low as $133 during the session, down from last month’s peak when SpaceX briefly surpassed Microsoft and Amazon in market value. The company’s market capitalization, which exceeded $2.6 trillion at its height, had dropped to about $1.75 trillion by Wednesday afternoon, putting recent buyers at risk of their first paper losses and highlighting how quickly enthusiasm can fade even for closely watched tech names. New York — Analysts and investors attributed the pullback to a combination of profit-taking, concerns about elevated valuations, and mounting selling pressure from shareholders looking to cash out following one of the most anticipated IPOs in recent years. Market participants also pointed to unease over SpaceX’s $25 billion in recently issued bonds used to fund AI-related infrastructure, alongside broader worries that potential Federal Reserve interest-rate increases could weigh on high-valuation technology stocks. The slide, which comes despite the stock’s inclusion in the Nasdaq 100 index, has renewed scrutiny of a company that lost $4.9 billion last year and is still working to prove the commercial payoff from its Starship launch program and other long-term ambitions.

Prepared by Christopher Adams and reviewed by editorial team.