SpaceX’s share price has fallen below its initial stock market listing price just over a month after the company went public.

Shares in Elon Musk’s rocket, satellite, and artificial intelligence company dropped to $132.62 on Wednesday, below the initial listing price of $135 in June.

The company’s initial public offering (IPO) made Musk the world’s first trillionaire, but SpaceX shares have since experienced significant volatility.

Compared with the stock’s highest price since its market debut, shares are now down around 41%.

If the decline continues, investors who bought SpaceX shares around the time of the IPO could find themselves facing losses on their investment.

The company has also underperformed the wider technology market in recent trading. While the Nasdaq fell by around 0.2% on Wednesday, SpaceX shares dropped by more than 2%.

SpaceX’s stock has remained highly volatile since beginning public trading, reflecting broader uncertainty in technology markets and investor concerns surrounding high-growth companies.