SpaceX shares have fallen below their initial public offering price, marking a sharp reversal for the aerospace giant just weeks after its high-profile market debut.
The stock's decline is part of a broader technology sector selloff that has erased more than $600 billion from the company's market capitalization over three consecutive trading sessions.
The pressure on SpaceX reflects wider investor anxiety regarding the capital requirements needed to fund artificial intelligence investments.
As the tech sector faces scrutiny over the cost of building out AI infrastructure, growth stocks with high burn rates are coming under particular pressure.
SpaceX, which opened its IPO at $147.11, saw its shares drop to $154.60 on Monday before continuing their descent on Tuesday, wiping out all gains accumulated since the listing.
This marks the steepest decline for SpaceX shares since going public.