SpaceX stock (SPCX) fell over 16% on Monday to close at $154.60. This marks the largest single-day decline since the company’s June 12 public debut. The selloff erased hundreds of billions in market capitalization and most post-IPO gains.
The decline followed the announcement of a $20 billion public bond offering. This represents the company’s first-ever sale of senior unsecured notes. Shares have now fallen for three consecutive trading days.
SpaceX will use the proceeds to repay a bridge loan and fund AI infrastructure. Major agencies assigned investment-grade ratings to the debt. These ratings reflect the strength of the Starlink satellite business and SpaceX's launch market dominance.