SpaceX shares dropped below their initial public offering price for the first time on Wednesday, just over a ⁠month after the rockets-to-AI firm completed ⁠the biggest IPO ever and ​made Elon Musk the world’s first trillionaire.

The shares slid 1.5% to $134, falling below the $135 IPO price and well below last month’s high that briefly propelled the company’s market valuation above those of Silicon Valley giants Microsoft and Amazon, firms with longer ⁠public track records and stronger financial results.

If the decline sticks, it will leave investors who bought into SpaceX at the IPO price sitting on paper losses for the first time.

It’s the latest reminder that Wall Street’s enthusiasm can cool quickly, even for a…