After a strong debut on the stock market, the share price of SpaceX has fallen for three straight days, costing the company hundreds of billions of dollars in market value. The slide came immediately after the Elon Musk-led company announced it would sell investment-grade bonds for the first time, mainly as part of taking on large-scale debt to fund its ambitions in artificial intelligence (AI).
On Monday, SpaceX shares fell 16 percent to close at $154.60, the lowest level since the company began trading. That took the total decline over the past three days to 23 percent, during which SpaceX lost more than $600 billion in market value. The company’s total market capitalisation now stands slightly above $2 trillion.
The chief market strategist at JonesTrading, Michael O’Rourke, said: ‘Sellers are back in control. Those around the world who wanted to buy it have already bought it.’
After a record $75 billion initial public offering (IPO), SpaceX’s early days of trading saw wide swings. Such volatility is common for new IPOs with a low float — a scarcity of shares available for trading — and high interest from retail investors. On the first day of trading, only 4.2 percent of total shares were available on the market. Even after Monday’s heavy loss, however, SpaceX has held its position as the world’s sixth-largest company, with its share price still about 15 percent above the IPO price of $135.
The rocket, satellite and AI giant is trying to raise at least $20 billion from its first bond issue, Bloomberg reported last week. SpaceX also signed a multibillion-dollar deal on Monday to provide computing resources to an AI startup called Reflection AI.
SpaceX became linked to the AI sector in February through Elon Musk’s acquisition of xAI, which is why there was investor curiosity about this listing — particularly as its rivals Anthropic PBC and OpenAI both plan to go public within the year, with potential market valuations expected to be near $1 trillion.
According to Vanda Research, the retail trading in SpaceX — whose formal name is Space Exploration Technologies Corporation — was the strongest of any IPO in recent history. These small investors bought a net $405 million in shares over the first five trading days.
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