SpaceX investors have gone from celebration to apparent concern in its first month as a publicly traded company.

When shares of the company, co-founded and led by Elon Musk, first became available for individuals to purchase on the public stock market on June 12, there was a frenzy among investors.

Although the company had decided to price its shares at $135 each, the price immediately shot up to $150 that first day, rising to $176, before closing at $160.95.

It cemented SpaceX as the largest initial public offering (IPO) of all time.

The following week, its shares rose even further, reaching an intraday high of $225, meaning it had surpassed Amazon and Microsoft in total market value.

“With Elon Musk, any company he touches excites people,” said Keith Snyder, an analyst at investment research firm CFRA. “But it was also the first time that people felt they could invest in something that was marketed as an AI game.”

Willy Lee, an investor at Neosteller, which makes it easier for individual investors to put money into private companies, agreed that the excitement around the IPO was mainly focused on artificial intelligence (AI).

“Everyone saw SpaceX as an AI story,” he said.

SpaceX acquired Musk’s xAI artificial intelligence startup, recently rebranded as SpaceXAI, earlier this year., external and best known for the controversial Grok chatbot, and also began leasing data center capacity to other technology companies.