SpaceX shares fell below the USD 135 IPO price for the first time on Wednesday, touching USD 132.24 before recovering to USD 135.27 in later trading.
MarketWatch reported that Space Exploration Technologies Corp. (NASDAQ: SPCX) was down 2.4% at just below USD 133 during midday trading on July 15.
SpaceX priced its initial public offering at USD 135 per share on June 11. Trading began on Nasdaq and Nasdaq Texas under the SPCX ticker on June 12.
The company offered 555,555,555 Class A shares, giving the base offering a value of USD 75 billion, according to SpaceX’s official announcement and a filing with the US Securities and Exchange Commission.
The stock’s first public trade was USD 150. It later closed at a high of USD 201.80 on June 16 before falling 34.2% to Wednesday’s intraday level, MarketWatch reported.
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Capital.com senior market analyst Daniela Hathorn attributed the pullback to profit-taking, concerns about the company’s valuation and the reversal of bullish positions established before the listing.
The decline occurred as investors monitored US interest-rate expectations, which can affect highly valued technology and growth stocks.
