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

On Wednesday, SpaceX stock sank 2% to a low of $132.75. It marks a 41% drop from a high of $225.64 hit shortly after the stock started trading last month.

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

From the outset, the space tech company polarized investors. Bulls said the company deserved a premium for its dominance in launch services and Starlink. Skeptics questioned its rich valuation, governance structure,…