SpaceX shares plunged 23% in early trading, wiping out approximately $600 billion from the company’s market capitalization.
The sharp repricing followed the company’s announcement that it would issue bonds for the first time, a move that investors interpreted as a signal of liquidity pressure or a shift in capital strategy.
4%, erasing roughly $400 billion in value and pushing the stock below its initial public offering price.
The sell-off marks the fourth consecutive session of heavy losses for Elon Musk’s aerospace and artificial intelligence firm.
On Monday, shares had already tumbled 16.4%, erasing roughly $400 billion in value and pushing the stock below its initial public offering price.
The cumulative decline has transformed the world’s largest IPO into a cautionary tale for late-stage tech valuations.
Market participants are scrutinizing the rationale behind the debt issuance.