The average investor who bought SpaceX shares in the open market after its debut has seen nearly all of their gains disappear as a sharp pullback erased a large chunk of the stock’s post-IPO surge.

Shares of SpaceX fell 3.6% Thursday to just under $184.98 a share. The stock’s five-day volume-weighted average price, or VWAP, is $181.71 a share. VWAP measures the average price a security has traded throughout the day, weighted by trading volume and is widely used by traders to gauge investors’ positioning.

The move suggests the average post-IPO buyer is now approximately breaking even.

The stock soared from its $135 IPO price to an intraday high above $225 on…