This article first appeared on GuruFocus.

SpaceX (SPCX, Financials) shares fell for a second straight trading session, extending their pullback from last month's market debut and moving closer to the company's $135 initial public offering price.

The stock has now dropped below its first trading price of $150 on June 12, giving back part of the strong gains that followed one of the year's most closely watched IPOs.

The recent weakness comes just days after SpaceX joined the Nasdaq-100, a move that attracted buying from index-tracking funds required to add the stock to their portfolios.

Despite the decline, SpaceX remains one of the market's most closely watched newly listed companies. Investors continue to view the company as a major player in both commercial space launches and artificial intelligence infrastructure, with its public debut fueling expectations that other private AI leaders could eventually enter the public markets.

The company also received a regulatory boost Monday after the Federal Aviation Administration completed its review of the Starship booster issue from a May test flight. The agency said SpaceX can move ahead with Starship Flight 13 once all remaining safety and licensing requirements are satisfied.