SpaceX shares extended their post-IPO slide after the company suffered one of the largest single-day market value losses ever recorded by a U.S. stock. The stock closed down 16.4% at $154.60
SpaceX shares extended their post-IPO slide after the company suffered one of the largest single-day market value losses ever recorded by a U.S. stock.
The stock closed down 16.4% at $154.60 on Monday, erasing $400.8 billion in market capitalization and marking its worst session since its public debut. The drop left SpaceX with a market value of about $2.04 trillion and pushed the stock 23.4% below its June 16 record closing high of $201.80.
The pullback is a sharp reset for a company that had quickly become one of the most traded names in global markets after its listing. SpaceX’s IPO roadshow began in early June with 555.6 million Class A shares planned at an expected $135 IPO price, setting up one of the largest public listings in market history.
The selloff also lands directly inside the crypto-adjacent trading story around SPCX. Tokenized shares, prediction-market contracts and perpetual products gave traders around-the-clock exposure to the stock soon after listing, and the earlier SPCX pullback had already tested the low-float IPO rally before Monday’s deeper wipeout.
The pressure intensified after SpaceX entered the bond market for the first time, using a notes offering to reshape short-term bridge financing into longer-dated debt. The company did not disclose the final size or pricing terms, while proceeds are set for general corporate purposes, bridge-loan repayment and related fees.
That move came only days after the IPO and turned the investor focus from launch-day demand to balance-sheet durability. SpaceX held $15.9 billion in cash and cash equivalents at the end of March, then raised $85.7 billion through the IPO. The company’s spending profile remains heavy as it pushes deeper into AI infrastructure, next-generation rockets and Starlink expansion.
Credit markets gave the company room to borrow. Moody’s assigned SpaceX a Baa1 rating, while Fitch gave it BBB+, placing the planned debt inside investment-grade territory. Equity traders reacted more harshly because the borrowing plan sharpened questions about how much capital SpaceX will need to fund AI compute, Starship development and xAI-linked infrastructure after its public-market debut.
The debt story builds on the earlier post-IPO AI spending test around SpaceX’s planned bond sale, where investors had already started weighing the company’s cash pile against longer-term infrastructure costs.
SpaceX also signed a major compute agreement with Reflection AI, adding a revenue-generating customer to its expanding AI infrastructure business while increasing investor focus on the scale of the buildout.
Reflection will receive additional computing capacity at SpaceX’s Colossus 2 data center and immediate access to Nvidia GB300 chips. The open-source AI startup is set to pay $150 million per month beginning July 1, 2026, through 2029, with the total value reaching about $6.3 billion if the contract runs through the full term.
The agreement can be terminated by either company with 90 days’ notice after the first three months, limiting certainty around the full headline value. Still, the deal adds a commercial layer to SpaceX’s AI compute strategy and follows other large customer agreements tied to Elon Musk’s infrastructure stack.
The Reflection contract also gives the stock a new valuation problem. Revenue from AI compute can support the case for SpaceX as more than a rockets-and-Starlink company, but the same strategy requires chips, power, data centers, cooling, networking capacity and long-duration financing. That is why the Reflection compute lease and the bond offering are being priced together by investors rather than treated as separate events.
SpaceX still trades above its $135 IPO price, but Monday’s close at $154.60 left it far below last week’s $201.80 record close and $225.64 intraday peak. The current test is now centered on whether the company can keep public-market confidence while using investment-grade debt and large compute contracts to fund a capital-intensive AI expansion.
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