SpaceX shares fell below their IPO price of $135 for the first time since the company’s successful public debut in June.

On Wednesday, SpaceX shares fell to a low of $132.15 before recovering some of that loss to end the day just above its IPO threshold of $135.28. The latest drop marks a 40% drop from a high of $225.64 reached shortly after the stock began trading last month.

The stock’s drop below its IPO price comes just over a month after SpaceX’s record-breaking debut on June 12, which raised $85.7 billion and briefly propelled the company to a market value of more than $2 trillion.

From the beginning, the space technology company polarized investors. Bulls said the company deserved a premium for its dominance in launch services and Starlink. Skeptics questioned its rich valuation, its governance structure and whether investors were paying today for years of future growth.

The stock’s drop below its IPO price comes as Wall Street reassesses some of this year’s biggest listings and debates whether enthusiasm for AI-linked companies has driven valuations beyond what near-term fundamentals can support.

SpaceX is among several of this year’s most hyped stock debuts that have stumbled after their initial boom. U.S.-listed shares of Korean memory chip maker SK Hynix have also given up much of their early gains as investors have become more selective.

SpaceX’s decline also comes ahead of its first post-IPO lockup expirations, which could increase the stock’s public float if insiders decide to sell eligible shares.

The company has enjoyed an overwhelmingly bullish reception from Wall Street. After SpaceX’s post-IPO quiet period ended, an overwhelming number of analysts rated the stock a buy.

A handful of bears say the stock still has a lot to prove.

“To be more optimistic, I need to see growth really start to materialize, or start to see them talk about growth in a way that’s not just speculative,” CFRA Research analyst Keith Snyder told BI’s Samuel O’Brient.

“All we have is hope right now, but hope is not a business strategy,” added Snyder, who has a sell rating on the stock.