SpaceX (NASDAQ:SPCX | SPCX Price Prediction) stock is down 6% to $131.86 midday Thursday, slipping below the company’s $135 IPO price for the first time since the June debut. Roughly 319 million shares came off lockup this morning, the latest tranche in a staggered release schedule that will eventually free most of the float. A move under the offering price gives sellers a clear reference to trade against as more supply becomes eligible.

At the same time, Rocket Lab (NASDAQ:RKLB) stock is down 4% to $72.67 with no company-specific supply event, drifting lower alongside the broader space complex. Procure Space ETF (NYSEARCA:UFO) shares are down 2% to $45.54 but remain up 17% year to date (YTD), framing how much of the sector has…