SpaceX Snaps Three-Day, 24% Slide — Bond Deal Reports in Focus
SpaceX (SPCX) bounced 0.98% on Tuesday to snap a three-day, ~24% slide — but not before briefly breaking below its $150 debut-day first trade price and fleetingly losing its $2 trillion market cap. Reports of a planned $20 billion bond offering have rattled the newly listed stock.
SpaceX (SPCX) closed up nearly 1% on Tuesday, June 23, ending a three-session losing streak — though shares briefly broke below their $150 debut-day first trade price intraday, momentarily pushing the market cap below $2 trillion. Over the prior three trading sessions, the newly listed stock had tumbled roughly 24%, with investors fixated on reports of a planned large-scale bond offering.
- SPCX closed at $156.11, up 0.98%, snapping the three-day losing streak.
- Shares briefly dipped below $150 intraday — the price of the first trade at listing — fleetingly dragging the market cap below $2 trillion to ~$1.9 trillion.
- The prior three sessions: Wednesday ~-5%, Thursday ~-3.6%, Monday ~-16.4% (the largest single-day drop since listing); US markets were closed Friday for Juneteenth.
- The cited catalyst: reports that the company plans to issue at least $20 billion in its inaugural investment-grade bond offering.
- SpaceX disclosed holding approximately $100.8 billion in cash and cash equivalents as of June 19.
SpaceX (SPCX) closed up ~1% on Tuesday, June 23, ending a three-session losing streak. Per CNBC, the stock settled at $156.11, up $1.51, or 0.98%.[1] In the three prior trading sessions, the stock — which went public on June 12 — had shed roughly 24%.[1] The sharp swings have come alongside reports of the company's plans for a large-scale bond offering.
Shares Briefly Break Below Debut-Day First Trade Price Before Recovering
Tuesday's bounce followed notable intraday turbulence. Per CNBC, shortly after the open, SPCX briefly slipped below $150 — the price of the stock's very first trade when it debuted two weeks earlier.[1]
Per Al Jazeera, after briefly falling through the $150 debut-day first trade price, shares recovered; the company's valuation momentarily slid to ~$1.9 trillion, and the report noted the stock was up as much as 2.4% intraday at one point.[2] By the close, SPCX finished up ~1%, ending the three-day skid.[1]
- Closing price: $156.11
- Day's gain: 0.98%
- Intraday level touched: below $150 (debut-day first trade price)
- Intraday market cap low: ~$1.9 trillion (briefly below $2 trillion)
Three Straight Sessions of Heavy Losses
Tuesday's stabilization came after a steep three-session pullback. Per CNBC, the three trading sessions logged declines of roughly 5% on Wednesday, 3.6% on Thursday, and 16.4% on Monday; US markets were closed Friday for the Juneteenth federal holiday.[1]
Monday's drop was the worst single-session decline since the IPO. Per Yahoo Finance, the 16.4% Monday slide was the "largest single-day drop" for the newly listed stock since its June 12 IPO.[3] Per CNBC, Monday's plunge temporarily wiped out roughly $400 billion in market cap.[1]
The selloff, session by session:
- Wednesday: ~-5%
- Thursday: ~-3.6%
- Friday: US markets closed (Juneteenth)
- Monday: ~-16.4% (largest single-day drop since listing)
- Tuesday, June 23: closed up ~1%
Across the three trading sessions, the stock fell ~24% in total.[1] Per Al Jazeera, spanning Monday and Tuesday combined, SpaceX shed roughly $600 billion in market cap.[2]
Bond Issuance Plans in Focus
One cited catalyst for the selloff: reports of a planned large-scale bond offering. Per Yahoo Finance, the company announced plans for its inaugural bond issuance, though the filing did not publicly disclose the offering size; Bloomberg separately reported that SpaceX is preparing a deal of around $20 billion.[3]
On use of proceeds: per Yahoo Finance, the funds would be used to "fully repay the outstanding borrowings under its bridge loan facility," which financed SpaceX's February 2026 acquisition of xAI.[3] Per CNBC, the company also disclosed holding approximately $100.8 billion in cash and cash equivalents as of June 19, and announced a senior unsecured notes offering.[1]
Worth noting: the specific deal size and "investment-grade" characterization vary across reports; some details come from media accounts citing unnamed sources and have not been formally confirmed by the company — investors should rely on official company filings for authoritative information.
The recent volatility has also tracked broader tech weakness. Per Al Jazeera, the Nasdaq Composite fell roughly 1.4% in early Tuesday trading amid concerns over elevated AI spending and weakness in chip stocks.[2]
IPO Pricing and Valuation Context
Two price benchmarks from the IPO are worth keeping distinct. Per multiple reports, SpaceX priced its IPO at $135 per share, while the first trade on debut day came in at $150 per share.[3] These represent the offering price and the first trade price, respectively — not the same measure.
Relative to the $135 offering price, the post-IPO premium has narrowed sharply. Per Yahoo Finance, at Monday's close the stock stood only ~14% above the $135 IPO price.[3] Per Al Jazeera, during Tuesday's intraday swings, shares briefly traded only ~10% above the IPO price.[2] The post-listing gains relative to the offering price have been substantially eroded through this selloff.
- IPO offering price: $135/share
- Debut-day first trade price: $150/share
- Monday close vs. IPO price: ~+14%
- Tuesday intraday vs. IPO price: at one point ~+10%
- Tuesday intraday market cap: briefly fell below $2 trillion to ~$1.9 trillion
SpaceX went public on June 12. After an initial post-IPO run, the stock has given back a large portion of those gains over the past several sessions before Tuesday's stabilization. The formal size, pricing, and credit rating of the planned bond offering — along with the broader direction of tech stocks — remain key areas of investor focus.
Sources
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