SpaceX shares fell to just over $135 on Wednesday, the price CEO Elon Musk and his company chose ahead of their blockbuster June 12 initial public offering (IPO) that raised nearly $86 billion.

The company’s shares spent much of the day below the IPO price, at one point falling below $133 per share, before rising again to finish at $135.27.

Wednesday’s drop followed a steady decline in the month since the company went public. Initially, SpaceX’s share price rose to more than $200 in the days following its IPO, briefly giving it a valuation that rivaled tech giants like Amazon and Microsoft. Its shares have lost value basically every week since reaching that peak.

Part of the volatility is attributable to the fact that only 4% of the company’s total shares are listed on the Nasdaq. That little “float,” as it is known, combined with an immense amount of constant attention to the company, has created wild swings during the first month of operations.

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 past month. Not only are SpaceX shares down, but the bonds the company sold after the IPO are also suffering.

A prolonged crisis for SpaceX could have broader effects because the company’s stock price is a sign of how investors view the otherworldly (literal) promises Musk has made about what his company can achieve. SpaceX’s IPO has also laid the groundwork for other big tech companies like Anthropic and OpenAI to go public. Both companies have confidentially filed for an initial public offering (IPO). While neither has set a date to go public, SpaceX stock is being watched closely to assess 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 its IPO. Starship is still in development, which means it is prone to failure, a result of SpaceX’s “fly, fail, repair” approach.

This will be Starship’s first flight since experiencing a booster failure in May. And once again, the company does not plan to attempt 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 up in an explosion no matter what, even if they don’t have any problems during the flight plan.

This story has been updated to include the closing price.