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. 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.

SpaceX stock was down nearly 3% in midday trade.

That being said, most of Wall Street is bullish on SpaceX, given the company’s confluence of disparate businesses…