SpaceX Stock Slides Below Key Level

Investors are hitting the brakes on SpaceX barely a month after its splashy market debut. The stock slid for a fourth straight day on Wednesday, dipping below its $135 IPO price for the first time, the Wall Street Journal reports. It fell as low as $132.15 before rising to just under $135. The pullback comes as SpaceX prepares for its 13th Starship test flight on Thursday, a reminder that the rocket maker remains a high-risk, high-cost operation despite the fanfare, reports CNBC.

The company's initial public offering raised a record $86 billion and briefly sent the stock above $225, helping crown Elon Musk a trillionaire on paper. According to Forbes, his net worth is now around $864 billion, making him still the world's richest person by far.

• SpaceX's fast inclusion in the Nasdaq-100—enabled by a rule change that lets newly listed firms in after just 15 trading days—pulled index-tracking funds into the name, but shares dropped below their first trade price of $150 the day after joining, CNBC reports. The earlier surge had fueled hopes of a broader IPO wave, with Anthropic and OpenAI already confidentially filing to list, though both have stayed quiet on timing.