SpaceX stock drops nearly 2% on Wall Street, trades below debut price

SpaceX, Elon Musk's aerospace company, saw its stock price dip nearly 2% on Wall Street on Wednesday, continuing a trend of trading below its initial public offering (IPO) price. Shares were selling for $133.50, a notable decrease from the $150 set during its IPO in June.

The company's stock declined by 1.9% by 12:53 p.m. local time (16:53 GMT). This drop follows its recent inclusion in the Nasdaq-100 index just a week prior. The index, which comprises the 100 largest non-financial companies listed on the Nasdaq, adjusted its rules to allow earlier inclusion of newly listed large-cap companies.

Despite the Nasdaq-100 inclusion typically prompting purchases from index-tracking funds, SpaceX's stock experienced a significant 6.83% drop on its first day in the index. Analysts attributed this initial decline to profit-taking following strong gains since its debut. SpaceX made history with its IPO, raising over $75 billion, surpassing Saudi Aramco's 2019 record.

Currently, SpaceX ranks as the eighth most valuable listed company globally. It trails behind other major tech giants such as Broadcom, Amazon, Microsoft, and Nvidia. The recent stock performance indicates a cooling off after its highly anticipated market entry.