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SpaceX shares fell below $140 Monday for the first time since they started trading just over a month ago.

Investor enthusiasm for the stock has cooled recently despite Nasdaq 100 inclusion and strong recommendations from Wall Street analysts.

Shares of SpaceX are boldly going where they haven't gone before.

SpaceX (SPCX), the Elon Musk-led AI, rocket launch and connectivity company that on Friday wrapped up its fourth week of trading, is having trouble keeping its stock price aloft. Shares dropped below $140 today for the first time since the company sold stock to the public at $135 in mid-June. The shares finished the day down more than 4% at just above $139 amid a broader downturn for tech stocks on Monday; they earlier slipped under $137.

Some of the recent action in SpaceX may simply illustrate how wild the post-IPO response has been. After a first trade at $150 on June 12, the stock price rose to more than $225 a few days later, giving the company a market capitalization of nearly $3 trillion that briefly surpassed the value of such tech heavyweights as Microsoft (MSFT) and Alphabet (GOOGL). As of Monday's close, it's around $1.8 trillion.

Investor enthusiasm has broadly cooled, with the stock down in July while the S&P 500 has risen. And that's despite some encouraging signals—including the addition of the stock to the high-profile Nasdaq 100 index and strong backing from sell-side Wall Street analysts.

Retail investors remain net buyers, according to a Monday note from Vanda Research. Funds run by Cathie Wood's Ark Investment Management, including the flagship "ARKK" ETF, closed out last week shopping for shares.

This article has been updated since it was first published to reflect to close of Monday's trading.

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