The latest decline pushed the aerospace company's shares closer to its $135 initial public offering (IPO) price, marking another volatile chapter in its first month as a publicly traded company. Since making its Nasdaq debut on June 12, the stock has experienced significant swings and is now down roughly 7% from its opening trade of $150.
The pullback comes just days after SpaceX officially joined the Nasdaq-100 Index, a milestone that prompted a wave of buying from passive investment funds designed to mirror the benchmark. The company's rapid inclusion followed recent changes to Nasdaq's rules, allowing newly listed firms to enter the index within weeks of going public.
SpaceX's blockbuster market debut captured global attention, briefly pushing founder Elon Musk to become the world's first trillionaire on paper. The successful listing also heightened expectations that other major artificial intelligence companies could soon follow with long-awaited public offerings.
Among the firms closely watched by investors are OpenAI and Anthropic, both of which have confidentially submitted IPO prospectuses to the U.S. Securities and Exchange Commission. However, neither company has announced a formal timeline for going public.
Speaking with CNBC's Julia Boorstin last week, OpenAI Chief Executive Officer Sam Altman tempered speculation about an imminent listing, saying he "didn't know whether the company would be going public this year."
Despite the recent weakness in its share price, SpaceX received encouraging regulatory news on Monday. The U.S. Federal Aviation Administration (FAA) announced that it had concluded its review of the Starship booster's failed return during a May flight test.
In a statement, the FAA said it "oversaw and accepted the findings and corrective actions" from SpaceX's investigation into the incident.
The agency added that its decision clears the company to proceed with Starship Flight 13, "provided all safety and other licensing requirements are met."
According to the FAA, the launch window for Starship Flight 13 is scheduled to open on Thursday at 6:45 p.m. Eastern Time, setting the stage for another closely watched test of SpaceX's next-generation rocket system.
While investors continue to assess the stock's post-IPO performance, the upcoming Starship mission could become an important catalyst for market sentiment as SpaceX seeks to demonstrate both operational progress and long-term growth potential.