SpaceX stock drops below its initial offering price for the first time

For the first time, the stock of SpaceX has declined below its initial public offering (IPO) price of $135, dropping to $134, a decrease of 1.5%. This comes amid a drop in market value from over $2.6 trillion to approximately $1.75 trillion. The decline is attributed to profit-taking, investor withdrawal pressures, concerns over debt-funded spending on artificial intelligence technologies, and the impact of the US interest rate hikes on tech company valuations. The market is also awaiting the company's first financial report after listing, the stock sale ban period, and closely monitoring the success of the development of the Starship rocket, which is critical to the company's future plans.

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