SpaceX stock falls more than 23 percent in three days after first bond sale

SpaceX stock dropped 16 percent on Monday to $154.60, its lowest level since the June 12 debut, extending a three-day decline of about 23 percent. The company announced plans to sell at least $20 billion in bonds, its first debt offering, to finance artificial-intelligence projects linked to its February acquisition of xAI.

The decline erased more than $600 billion in market value, an amount equal to nearly half of bitcoin's $1.3 trillion market capitalization. Bitcoin held near $63,600 and fell less than 1 percent over the same three sessions, closing at $62,299.70.

Trading dynamics SpaceX shares trade on a thin float, which amplifies price moves when selling pressure appears. A week earlier the stock traded near $2.5 trillion and briefly exceeded the market values of Amazon and Microsoft; it now sits just above $2 trillion. Perpetual futures contracts tracking SpaceX on Hyperliquid fell another 15 percent to around $151 on Tuesday.

Market context The Nasdaq fell 1.3 percent on Monday as investors questioned returns on large AI investments by technology companies. Bitcoin's limited decline occurred while oil prices eased below $78 a barrel amid a 60-day U.S. license allowing Iran to resume oil sales. The company chose debt financing rather than issuing new shares that would have diluted existing shareholders.