SpaceX's share price has fallen below its June flotation price, closing at $132.62 on Wednesday and marking a 41% drop from its post-listing peak. The decline is notable because SpaceX's stock market debut had briefly made Elon Musk the world's first trillionaire and was widely seen as a landmark moment for investors, meaning those who bought shares around the float now stand to lose money if the price stays low or falls further.

Shares were originally listed at $135, and the stock has significantly underperformed the wider market, falling more than 2% on Wednesday against a 0.2% dip in the Nasdaq index. Analysts said early investor enthusiasm was fuelled partly by SpaceX's acquisition of Musk's xAI business, since renamed SpaceXAI, which positioned the firm as an artificial intelligence play alongside its core rocket and Starlink satellite operations. The shares were also hit by an 8% fall after Starlink cut prices in Memphis amid local concerns over a data centre project, and analysts noted a lack of fresh catalysts to sustain investor interest, with SpaceX's first public earnings report due in August.