Shares of SpaceX continued their sharp descent Thursday and closed below the company’s IPO price for the first time since its June public offering.

Subscribe to read this story ad-free

Get unlimited access to ad-free articles and exclusive content.

The rocket maker’s shares slid more than 3% to close at $131.11. On June 11, the company had priced its record-setting IPO at $135 per share.

The company — whose businesses include space rockets, Starlink satellite internet, the X social network and the artificial intelligence firm xAI — began trading on the Nasdaq exchange June 12.

While the company had a strong debut, with shares soaring 19% on their first day of trading to as high as $193, it’s largely been on a downward trajectory…