SpaceX stock has fallen below its $135 initial public offering price, down 23 percent since the company was added to the Nasdaq-100 on June 26, marking a sharp reversal from its blockbuster debut just five weeks earlier.

The stock slipped below the IPO price on July 15, touching a low of $132.28 before recovering slightly to close at $135.27, according to Reuters. It has continued to slide since then, with shares trading well below that threshold as of mid-July.

SpaceX raised $85.7 billion in June’s record-breaking IPO, the largest public debut in history, with shares priced at $135 and opening at $150 on June 12. The stock climbed as high as $225 in early trading before the steady decline began. The company’s market…