The honeymoon on Wall Street is officially over. Just over a month after the most anticipated public listing in history, the initial hype surrounding SpaceX stock has hit a wall of cold, hard market reality.

In a move that has caught many retail investors off guard, shares of the space exploration giant (ticker: SPCX) have slipped below their initial public offering price of $135, hitting fresh lows at $132.15. Wednesday’s closing bell saw the stock settle at $135.27, a steep decline from the historic $161 peak reached during its first day of trading on June 12.

The sudden drop highlights a shift in market sentiment. The excitement of owning a piece of Elon Musk’s Mars-bound venture is now being replaced by sharp scrutiny of the…