SpaceX Plunges for Third Straight Day on Bond Issuance
- Input
- 2026-06-23 03:33:27
- Updated
- 2026-06-23 03:33:27
Shares of Elon Musk's space company SpaceX fell more than 16% on the 22nd local time.
The announcement of its bond issuance plan triggered the selloff. Investors were also rattled by a temporary global outage at its social media platform X.
Below the closing price on its first trading day
SpaceX closed at $154.60, down $30.40, or 16.43%, from the previous session.
After falling 5% and 3.6% on the 17th and 18th, respectively, the stock extended its decline for a third straight day.
Its market capitalization, which once surpassed Amazon.com, Inc. and Microsoft, stood at $2.036 trillion, leaving it far behind Amazon.com, Inc.'s $2.504 trillion and keeping it in sixth place globally.
SpaceX is still up 14.5% from its $135 offering price, but it fell below its first-day closing price of $160.95. That means investors who bought shares near the closing price after its NASDAQ listing on the 12th are now in the red.
Issuing senior unsecured notes
According to CNBC, SpaceX said it had about $100.8 billion in cash on hand, but still announced plans to issue senior unsecured notes.
The move appears to be driven by debt restructuring needs and the enormous cost of artificial intelligence investments.
In March, SpaceX took out a short-term bridge loan of about $20 billion to $29 billion during the process of merging Musk's X and xAI. This bond issuance is intended to convert that high-interest short-term borrowing into lower-cost long-term debt.
Even with more than $100 billion in cash, SpaceX appears to have decided to preserve its existing reserves, given the massive investment required for Musk's planned Earth-orbit data centers and space AI projects.
X outage
Investor sentiment was also hurt by a major outage at X, the social media platform under SpaceX, before service was restored.
According to Downdetector, which monitors internet service disruptions, the outage at X began around 9 a.m. Eastern Time.
Reports in the U.S. peaked at more than 34,000 around 10 a.m. and then eased, falling to the hundreds by around noon.
The outage was reported simultaneously around the world, with a peak of more than 3,200 reports in Canada, 8,700 in the United Kingdom, and about 340 in South Korea.
dympna@fnnews.com Song Kyung-jae Reporter