SpaceX shares traded below their $135 IPO price for the first time Wednesday, a sign of waning enthusiasm for the biggest listing of all time. The tech-heavy Nasdaq composite stumbled, falling roughly 0.2%, as shares of technology companies have been volatile in the past month.

Shares of Elon Musk's rocket maker rose 19% on their first day of trading on June 12, giving the company a market value of $2.1 trillion. The stock price has edged lower over the past month, despite being added to the Nasdaq-100 index.

SpaceX is hardly the first big IPO to struggle in early trading. About a week after its splashy debut in 2023, shares of Arm Holdings fell below their $51 IPO price. The stock went on to recover and then some: It closed Tuesday at around $281.

According to data by University of Florida finance professor Jay Ritter, more than 70% of IPOs from 1974 to 2021 have negative three-year returns from their offer prices.