SpaceX drops 23% in 3 days after bond sale plan jars investors

SpaceX shares fell for a third straight session Monday, leaving the stock down 23% over three trading days after the company moved to sell investment-grade bonds for the first time. The shares closed at $154.60, their lowest since the first day of trading, and the company’s market value stood just above $2 trillion. The company, formally Space Exploration Technologies, is seeking to raise at least $20 billion as it leans into artificial intelligence spending. It also disclosed a multibillion-dollar agreement to provide computing resources to Reflection AI. Even after the slide, the stock remains about 15% above its $135 IPO price. KeyBanc Capital Markets began coverage with a sector-weight rating, arguing much of SpaceX’s long-term upside is already reflected in the share price.