Shares of SpaceX have fallen below their initial public offering (IPO) price of $135 per share for the first time since the company's debut on the stock market last month. The stock dropped to an all-time low of $132 on Monday, extending a month-long decline following an initial surge.

SpaceX's public listing, which took place in mid-June, was the largest IPO in history, valuing the company at approximately $1.77 trillion. Shares initially rallied, peaking near $214 per share on June 17, amid strong demand from retail investors worldwide eager to invest in the rocket manufacturer led by Elon Musk.

Since that peak, however, SpaceX shares have declined by more than 38%, erasing over $800 billion in market value. Musk, who holds a 42% stake in the Texas-based aerospace and technology firm, saw his net worth decrease from the trillionaire status briefly attained at the IPO to roughly $861 billion as of the recent share price drop.

Market analysts attribute the share slide primarily to waning enthusiasm following the initial hype, with early investors reportedly taking profits by selling their holdings. The stock’s fall below its flotation price coincided with Musk’s recent social media post endorsing Marine Le Pen, the far-right French politician, whom he described as “France’s last hope” amid her campaign to unseat centrist President Emmanuel Macron in next year’s election. Musk has previously supported Le Pen and other right-wing political figures in Europe, and his public political commentary has included criticism of UK Labour leader Sir Keir Starmer and praise for Restore Britain leader Rupert Lowe.

Beyond its core aerospace business, SpaceX has expanded into artificial intelligence (AI) through Musk’s XAI venture, which owns the chatbot Grok and the social media platform X. Last month, SpaceX also completed a $60 billion acquisition of Cursor, an AI coding startup founded in 2022 by four former MIT students, a deal that significantly increased the startup founders’ wealth.

Founded in 2002 by Musk with the vision of creating low-cost, reusable rockets, SpaceX achieved historic milestones including the first privately funded vehicle to reach Earth orbit in 2008 with its Falcon rocket. The company has since conducted over 600 launches into orbit and remains a significant player in the aerospace sector despite recent stock market volatility.