SpaceX Breaks Below IPO Price as AI Spending Skepticism Hits New Listings

SpaceX shares have tumbled 16.4% from their $150 debut price, dipping below that threshold for the first time. The slide reflects broader investor anxiety: skepticism that tech companies' massive AI infrastructure spending will justify current valuations. The pressure hits newly listed companies hardest. Unlike established mega-caps with earnings history and index inclusion, IPO-stage names lack structural support. SpaceX's core business—launch services and Starlink broadband—isn't AI infrastructure, yet it trades in a market where that debate dominates sentiment for growth stocks.