SpaceX (SPCX) closed at $131.11 on July 16, below its $135 IPO price for the first time since June's record $86B debut, as its 18,712 BTC treasury draws focus.

The stock has fallen over 10% since its listing on the Nasdaq on June 8.

SpaceX stock fell below its IPO price after a sharp rally. Here's why the shares dropped, what analysts say, and what it means for investors.