SpaceX shares drop 16% to $154.60, wiping more than $600 billion in value over three days
SpaceX fell 16% on its third day of trading to close at $154.60, extending a three-day slide to 23% and erasing more than $600 billion in market value. The company said it will sell investment-grade bonds for the first time, aiming to raise at least $20 billion. Proceeds are slated for AI expansion and to repay borrowings under an existing bridge loan facility and related expenses. The move comes despite more than $100 billion in cash and cash equivalents and shares still about 15% above the $135 IPO price.
