Despite massive investor demand for its record public debut, SpaceX is now mostly back where it started.
The rocket maker’s stock fell below its $135 IPO price for the first time Wednesday, closing just slightly above that mark. Part of the decline was likely driven by broader skepticism about AI stocks, as investors start to move away from the hype and evaluate artificial intelligence firms more closely.
SpaceX’s tumble beneath its IPO price “raises the narrative that the stock is up on fluff, on speculation, on froth, and not on real fundamentals,” Matthew Maley, chief market strategist at Miller Tabak, told Reuters.
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