SpaceX (SPCX) stock slid on Wednesday, breaching a crucial price level.

On Wednesday, SpaceX shares dipped to a new all-time low of $132.75, dropping below its IPO price of $135, closing at $135.27. The stock went on to debut at $150 on June 12, hit its all-time high of 225.64 on June 16, and has been under pressure ever since. 

SpaceX shares are now down over 30% from their all-time high and around 12% year to date, giving something of a black eye to investors who saw the private-market value of SpaceX only surge over the months before its IPO.

That being said, most of Wall Street is bullish on SpaceX, given the company’s confluence of disparate businesses that flow together: rocket launches,…