Up Goer 5/Rev II

Copyright AP Photo/Eric Gay

I'm not a financial guy or savvy investor but I do know the smell of desperation when you gotta get money and it seems SpaceX is doing just that by offering bonds to keep the lights on. Going into debt right after offering an IPO is not smart business unless yours truly is missing something in thinking about this. The pix computes as this is a setting sun, not a sunrise as rockets are not the long term solution for man to reach the stars in any significant way.

SpaceX sheds $600 billion in three days as it taps the bond market for the first time

SpaceX shares have fallen for a third straight session, sinking to their lowest level since the firm's market debut and wiping out most of the spectacular gains made after its IPO, just as it launches its first-ever bond sale.

SpaceX shares closed at $154.63 on Monday, down around 16% on the day. That leaves them within touching distance of the $150 at which the shares first changed hands when public trading opened, the level set once underwriters finished building the order book, though still some way above the $135 price at which the IPO itself was struck.

The slide has erased more than $600 billion (€524.2bn) in market value over three trading days, dragging the company down from a peak that had lifted it past Amazon and, fleetingly, Microsoft, in terms of market capitalisation.

Its valuation now sits just above $2 trillion (€1.74tn), below Taiwan Semiconductor Manufacturing Company (TSMC), making it the seventh most valuable company in the world.

The retreat unwinds a remarkable opening run.

After the open at around $150 on 12 June, shares climbed to almost $226 by 16 June, a gain of roughly two-thirds before the company had published a single set of results as a public firm.

Currently, SpaceX is trading over 30% lower than the intraday high of around $226 and only 3% higher than the opening price.

That rally always rested on a thin pool of freely traded shares and lofty expectations for its AI ambitions, leaving it exposed to a sharp reversal once sentiment turned.

A brief blast of intense light applies then ...

SpaceX lands investment-grade credit ratings as shares tumble from record high

SpaceX buys AI coding startup Cursor for $60bn as AI race with OpenAI and Anthropic intensifies

Tapping debt to fund the AI push

The latest leg down on Monday coincided with SpaceX's first move into the corporate debt market.

The company announced an inaugural offering of senior unsecured notes, with people familiar with the plans reportedly putting the target at around $20 billion (€17.4bn).

fades away.

Up Goer 5/Rev II applies along with 1634-7 = 2026???