SpaceX is down more than 3% in premarket trading on Monday, continuing a selloff that has seen the stock fall in the past two full days of trading after a rally after its record-breaking IPO.

Shares in the company were down 3.53% at 5:04 a.m. ET.

Elon Musk's space and artificial intelligence firm became one of the world's most valuable companies after a blockbuster listing on June 12. Stock surged in SpaceX's first two full days as a public company, with market cap surpassing Amazon and — briefly — Microsoft on Tuesday, before falling back below both.

Shares sank 5% and 3.6% on Wednesday and Thursday last week, before the Juneteenth holiday on Friday.

The stock was still up 37% at market close on Thursday since its historic debut, which offered shares at a set price of $135.

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