SpaceX’s share price has dipped below its initial public offering (IPO) mark, falling to $132.62 (£98.24), a stark 41% drop from its highest point since listing in June.

This decline comes despite SpaceX being initially valued higher than Amazon and Microsoft, with an investor frenzy that saw it briefly outshine tech giants.

Since going public, the stock has been volatile. One notable factor is the recent price cut for Starlink services in Memphis, leading to an 8% share drop.

Analysts suggest that a lack of new catalysts to support SpaceX’s high valuation may be driving this fall, though Steve Sosnick from Interactive Brokers points out that such drops are not inherently negative.

Sunlight reveals shadows: as SpaceX eyes its first public earnings report in August, the market watch is set to scrutinize every move closely.