After a hot start with its IPO two weeks ago, SpaceX stock has seen almost all of its gains erased.

SpaceX stock has fallen for three consecutive trading days as of Monday, dropping 8 percent in one day alone. It is now trading at under $170 a share — roughly where it was on the day SpaceX went public.

Elon Musk’s space exploration and AI company went public on June 12 with the biggest IPO in history, one which made Musk a trillionaire. On June 16, SpaceX stock hit a high of more than $225. Days later, SpaceX announced that the company had acquired AI coding agent Cursor. Shortly after the $60 billion acquisition announcement, SpaceX stock fell and has been tumbling ever…