#我的Gate交易时刻

A new star that has been listed for less than a week.
SpaceX, ticker SPCX, the largest IPO in history worldwide, Elon Musk personally took this 24-year-old rocket company to the Nasdaq. The offering price was $135, opening at $150 on the first day, reaching a intraday high of $225.64 by Tuesday, with a market value once exceeding $2.4 trillion. Musk’s personal wealth briefly touched a trillion dollars, a level never seen before in human history.
Then, just as everyone thought this "forever rising" bull was going to keep running, it suddenly plummeted.
It once dropped more than 10% during trading.
The decline narrowed by the close, ending down 3.56% at $185 per share. After-hours, it fell another over 2%, making the total retracement from the Tuesday high of $225 about 18%.
Even when looking at a longer timeline, from the $135 IPO price to the $185 closing price, there’s a 37% paper profit, but for retail investors who chased above $200, this one night just knocked them senseless.
The trigger for this came out an hour earlier from Bloomberg.
Bloomberg cited two sources saying that SpaceX’s underwriters are preparing to hold a conference call with investors as early as next Monday to discuss a bond issuance of at least $20 billion in investment-grade U.S. dollar bonds. The funds raised are not for building rockets or launching Starships, but to pay off an old debt: a bridge loan of $20 billion maturing in September 2027.
Most people may not have noticed this bridge loan, but it has been on SpaceX’s balance sheet all along. According to IPO filing data, as of March 31 this year, SpaceX’s total long-term debt was $29.1 billion, with that $20 billion bridge loan accounting for the majority. Five investment banks—Bank of America, Citigroup, J.P. Morgan, Goldman Sachs, and Morgan Stanley—arranged this transitional financing, and they are now expected to jointly lead this bond issuance.
In other words, the $75 billion raised from the largest IPO in history did not automatically eliminate that $20 billion old debt. Now the company is entering the bond market to issue investment-grade bonds to refinance it.
Once the news broke, the market’s first reaction was very honest: sell. $SPCX