SpaceX stock extends 3-day slide to 27% as the company raises debt to fund Elon Musk's cosmic ambitions

Robert Scammell Tue, June 23, 2026 at 7:02 AM UTC

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Elon Musk's rocket company had a near-flawless market debut.TIMOTHY A. CLARY / AFP via Getty Images -

SpaceX stock dropped sharply on Monday, its third consecutive trading day of losses.

Share of SpaceX, which briefly surpassed Amazon by market cap, are down 27% in three days.

The rocket company said it would raise money by selling bonds to repay existing debt.

First, they had lift-off; now, they're coming back to Earth with a bump.

SpaceX shares dropped for a third consecutive trading day on Monday, extending a pullback after the Elon Musk-led company's mega IPO earlier this month.

The stock price dropped nearly 17% on Monday to $154.60, capping off a three-day losing streak that's sent shares tumbling 27% since closing at $211.39 on June 16.

The sell-off follows a meteoric rally that last week briefly pushed SpaceX's valuation close to $3 trillion, leapfrogging Amazon and Microsoft to become the fourth-most valuable company in the world. As of Thursday's close, its market capitalization was $2.4 trillion.

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SpaceX's public market debut on June 12, the biggest IPO in history, saw the stock jump 19% in its first day of trading, cementing Musk as the first-ever trillionaire. Retail traders piled into SpaceX stock in the days after the IPO as they looked to get a piece of the rocket, AI, and satellite company.

Even with the recent decline, SpaceX shares are still up nearly 30% from their IPO price.

Some analysts questioned SpaceX's valuation — about $1.75 billion to $1.77 trillion — going into its blockbuster IPO. The company posted a $4.9 billion loss in 2025 on revenue of $18.7 billion.

SpaceX raised $85.7 billion in its IPO, but the company is still seeking more money to pursue Musk's cosmic ambitions, which include putting humans on Mars. In a Monday filing, SpaceX said it's raising more cash from bond sales to repay a bridge loan, adding that it held about $100.8 billion in cash and cash equivalents as of June 19.

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Source: “AOL Money”