SpaceX stock sinks for a second-straight day, nearing $135 IPO price

Shares of SpaceX hit a new all-time low on Monday, bringing Elon Musk’s company closer to its $135 initial public offering price just days after making its entrance into the Nasdaq-100.

The stock sank 4.51% Friday and lost another 4.24% Monday.

Through its first month as a public company, the stock has been volatile since its June 12 debut. The stock is down about 7% from its first trade of $150.

The blockbuster debut, which saw Musk briefly become the world’s first trillionaire, was expected to be the first of other highly-anticipated IPOs in the artificial intelligence space, including OpenAI and Anthropic.

Both companies said they confidentially filed IPO prospectuses with the Securities and Exchange Commission this summer, but haven’t disclosed any official timelines or plans for their debuts.

OpenAI CEO Sam Altman told CNBC’s Julia Boorstin last week that he didn’t know whether the company would be going public this year.

SpaceX’s move into the widely-tracked Nasdaq-100 brought a fresh wave of passive investors into the stock last week, as funds that track the benchmark index matched the new lineup.

The exchange recently revised its rules for new public companies to become part of the index, allowing the space and AI company to be included within a month of going public.

Monday’s slide comes as the U.S. Federal Aviation Administration closed a review into a SpaceX Starship booster’s return failure from a May flight test, writing that they “oversaw and accepted the findings and corrective actions” of the company’s investigation into the mishap.

The decision clears SpaceX to move forward with launch operations for Starship Flight 13, “provided all safety and other licensing requirements are met,” according to an FAA release.

The launch window for that flight opens on Thursday at 6:45 p.m. ET.