SpaceX shares near $135 IPO price in second straight session decline

SpaceX is in focus as the stock slides for a second consecutive session, drawing closer to the $135 mark set at its public debut about a month ago. The space and AI company launched in what was called a record IPO, and shares are now approaching the price that defined that opening day. The retreat comes within days of the stock joining the Nasdaq-100.

The $135 level

That number carries particular weight for a stock this young. The $135 IPO price is the original offering mark, the figure at which shares changed hands when Elon Musk's company first came public. It represents the value investors placed on SpaceX on day one.

Two consecutive sessions of selling have put that level within reach. A stock trading back toward its IPO price within a month of its debut faces a recognizable dynamic: buyers who entered at the start are sitting near breakeven, and the context of a record offering becomes part of the tape's conversation. No attributed catalyst for the pullback appears in the available record.

Nasdaq-100 addition, then a slide

The most recent development before the two-day decline was SpaceX's addition to the Nasdaq-100 last week. The index is one of the most widely tracked benchmarks, and membership typically draws automatic ownership from funds that follow it. That class of demand arriving at roughly the same time as a back-to-back session decline is the tension the current setup carries.

Elon Musk's company came to market as both a space and an AI enterprise. That dual positioning set the terms of its record debut. What the tape is now testing, session by session, is whether the original $135 offering price holds as the first real floor.

What to watch

The $135 IPO price is the level. A close at or below it would represent a full round-trip from the record debut. Whether buyers step in at the original offering mark, or the print breaks through it, is what the next session resolves.