The sharp reversal coincides with the company’s first major bond issuance.
New York, June 2026. SpaceX shares fell for a third consecutive trading session and closed Monday at $154.63. The stock declined approximately 16% during the session and approached the $150 level established when public trading began. The company’s initial public offering had been priced at $135 per share before strong investor demand pushed the opening price higher. The decline has now erased more than $600 billion from SpaceX’s market value in only three trading days.
The company’s valuation has fallen to slightly above $2 trillion following the rapid market reversal. SpaceX is now valued below Taiwan Semiconductor Manufacturing Company and ranks as the world’s seventh-largest publicly traded company. Its shares had climbed close to $226 on June 16 after beginning public trading near $150 four days earlier. The stock is currently more than 30% below that intraday high and only slightly above its opening-market level.
The initial rally added nearly two-thirds to the company’s share price before SpaceX had published its first financial results as a listed corporation. Investor enthusiasm was supported by the limited number of shares available for public trading and ambitious expectations surrounding artificial intelligence. Those conditions contributed to a rapid increase in the company’s valuation after its record-breaking stock market debut. They also made the shares particularly vulnerable when market sentiment changed and investors began taking profits.
The latest decline coincided with SpaceX’s first entry into the corporate bond market. The company announced plans to issue approximately $20 billion in senior unsecured bonds to institutional investors. Most of the proceeds would be used to repay a bridge loan obtained during its merger with Elon Musk’s artificial intelligence company xAI. The remaining funds would support general corporate purposes and the company’s continuing expansion plans.
Moody’s, Fitch and S&P Global assigned investment-grade ratings to SpaceX before the planned bond offering. These ratings could allow the company to borrow at lower interest rates and attract a wider range of institutional lenders. Financial documents showed that SpaceX held approximately $100.8 billion in cash as of June 19. The company also reported about $29.1 billion in long-term debt before completing the new bond transaction.
Some investors have questioned why SpaceX is raising substantial additional debt so soon after completing its highly successful public offering. The decision has increased concerns that spending could rise sharply as the company develops artificial intelligence systems and large data centres. Using bonds instead of issuing additional shares prevents further dilution of existing investors’ ownership positions. However, the rapid combination of public-equity financing and new borrowing has intensified scrutiny of the company’s investment strategy.
SpaceX now faces pressure to demonstrate that its ambitious expansion can justify one of the largest corporate valuations in global markets.