The stock has steadily fallen from the euphoric post-IPO high, showing that markets may be sobering up to the promises CEO Elon Musk made before and after SpaceX went public.

SpaceX’s shares fell to just above $135 on Wednesday, the price that CEO Elon Musk and his company chose ahead of its blockbuster June 12 IPO that raked in nearly $86 billion. The company’s stock spent much of the day below that IPO price, at one point dipping beneath $133 per share, before it traded back up to finish at $135.27. The dip on Wednesday followed a steady decline in the month since the company went public. SpaceX initially saw its stock price rise to more than $200 in the days after it went public, briefly giving it a valuation that rivaled tech giants like Amazon and Microsoft. Its shares have lost value basically every week since reaching that high point. Some of the volatility is attributable to the fact that just 4% of the company’s total shares are trading on the Nasdaq. That small “float,” as it’s known, combined with an immense amount of constant attention on the company, has created wild swings during the first month of trading. The markets also appear to be sobering up on CEO Elon Musk’s grand vision for the company, part of a broader deflation in tech stocks over the last month. Not only has SpaceX’s stock traded down, but also bonds the company sold in the wake of the IPO are suffering. A prolonged downturn for SpaceX could have wider effects because the company’s stock price is a sign of how investors view the (literal) otherworldly promises Musk has made about what his company can accomplish. SpaceX’s IPO has also set the table for other Big Tech companies like Anthropic and OpenAI to go public. Both of those companies have filed confidentially for an IPO. While neither has set a date to go public, SpaceX’s stock is being closely watched to gauge how successful those IPOs could be. SpaceX is about to face another early test of the durability of its stock price. On Thursday the company will test launch its Starship rocket for the first time since the IPO. Starship is still very much in development, which means it is prone to failures — the result of SpaceX’s “fly, fail, fix” approach. This will be the first Starship flight since it experienced a booster failure in May. And once again, the company does not plan to try to recover the Starship booster or upper stage on this flight, instead opting to have them simulate a landing in the Gulf of Mexico. That means both parts of the overall Starship rocket system will end in an explosion no matter what, even if they don’t run into any problems during the flight plan.