SpaceX shares fell 1.5% on Wednesday to $134, dropping below the $135 IPO price reached in the prior month. The decline marks the first time the stock has traded below its offering price since the June listing. The IPO, completed in June, was the largest ever for a rockets‑and‑AI company and briefly lifted SpaceX’s valuation above $2.6 trillion, making Elon Musk the world’s first trillionaire. Investor concerns about debt‑funded AI spending and the prospect of Federal Reserve rate hikes have pressured tech valuations. SpaceX raised $25 billion through a bond issuance last month to finance its technology infrastructure, a move that analysts say has heightened scrutiny of its return prospects. Daniela Hathorn, senior market analyst at Capital.com, said the move reflects profit‑taking, valuation reassessment and the unwinding of extremely bullish positions after one of the most anticipated listings in recent years. Steve Sosnick, chief market analyst at Interactive Brokers, noted that while a modest decline below the IPO price is not unusual during market stress, the stock is closely watched because of its role in the investor psyche. The share price has dropped 13% since its inclusion in the Nasdaq‑100 index. Analysts expect SpaceX’s first earnings report in the first week of August, and the expiration of the IPO lock‑up period later in August could increase selling pressure. The company’s 13th Starship test flight, aimed at reducing launch costs for future orbital and lunar missions, remains a key focus for investors.