SpaceX (SPCX) shares are on watch Wednesday morning after another down day for the stock, and a crucial level was almost breached.

During Tuesday’s session, SpaceX shares dipped to a new all-time low of $135.52, nearly dropping below its IPO price. The stock went on to debut at $150 on June 12th, hit its all-time high of 225.64 on June 16th, and has been under pressure ever since. 

SpaceX shares are now down around 33% from its all-time high, and around 8% year to date, giving something of a black eye for investors who saw the private market value of SpaceX only surge over the months before its IPO. Shares were little changed in early trade on Wednesday.

That being said, most of Wall Street is…