Shares of SpaceX, owned by American billionaire Elon Musk, fell below its initial public offering price on Wednesday for the first time since its listing last month, signaling growing investor caution toward the space company amid broader market uncertainty.
The company had launched its IPO at $135 per share, accompanied by ambitious plans that included building data centers in space and pursuing the goal of colonizing Mars. This vision attracted significant investor interest in the early days of trading, driving the stock price up to over $225.
But the stock gradually lost momentum, falling on Wednesday to less than $133 per share, a drop of about 41 percent compared to its highest levels since the listing.
SpaceX's initial public offering (IPO) had propelled Elon Musk's wealth to unprecedented levels, making him the first person in the world to surpass the trillion-dollar mark. However, the stock's poor performance since late June has impacted his net worth, which has fallen well below that level.
According to the Bloomberg Billionaires Index, Musk's net worth was approximately $861 billion as of Tuesday.
During trading on Wednesday, SpaceX shares fell by about 2 percent.
This decline comes at a time when investors continue to assess the company's ability to translate its huge future ambitions into sustainable financial results, after SpaceX became one of the most eye-catching companies in the markets since its listing.
