SpaceX drops over 16% in a single day, with a market value evaporating over $900 billion from its peak

Mars Finance News: On June 23, U.S. stocks closed on Monday, with SpaceX plunging 16.43%, falling below its IPO first-day closing price, as its market value evaporated by about $400 billion—setting the second-largest record for single-day market value loss by a global company in history. The stock has declined for three consecutive trading days, with a cumulative drop of more than 23%, and its market value has shrunk by over $900 billion from its high point. SpaceX’s share price remains 14.5% above its $135 IPO offering price, and its current market cap is $2.03 trillion.

Previously reported: SpaceX is seeking to raise at least $20 billion through its first bond issuance, as part of its expected large-scale borrowing plan. The proceeds will be used to support its expansion in the AI field. In February this year, SpaceX completed the acquisition of xAI owned by Elon Musk, formally bringing its AI business into its core strategic blueprint.

Oppenheimer analyst Timothy Horan said that debt financing is expected to become SpaceX’s main source of funding. He expects that by 2031, SpaceX’s net debt will increase by more than $400 billion—far exceeding the current book debt levels of nearly all U.S. companies—and more than three times Oracle’s total debt.