SpaceX stock slips 3.5% amid post‑IPO rout

SpaceX shares fell about 3.5% in premarket trading to roughly $149, extending a sharp post‑IPO reversal after a 16.4% plunge the previous session that removed more than $400 billion from the company’s market value. The stock remains close to the $150 level and about 10% above its $135 IPO price. Shares had peaked at $225.64 on June 16.

The latest decline followed an announcement that SpaceX planned a senior unsecured notes offering just days after completing the largest U.S. initial public offering. The IPO raised $85.7 billion. The company said proceeds from the debt sale would be used for general corporate purposes and to repay borrowings under a bridge loan facility.

The filing prompted questions from some investors about why a company holding more than $100 billion in cash would seek new debt so soon after the IPO. The offering and the timing were cited by several market participants as factors in the recent selling pressure.

SpaceX’s roughly $60 billion all‑stock acquisition of Cursor has also drawn scrutiny. Morningstar analyst Nicolas Owens reduced his fair value estimate to about $62 a share after the deal, citing dilution concerns and uncertainty about the long‑term value of new businesses. CFRA analyst Keith Snyder initiated coverage with a Sell rating and a $115 price target, describing the growth assumptions needed to justify current valuations as ‘borderline comical.’

Gary Black, managing partner of The Future Fund, wrote on X that SpaceX is ‘hard to justify analytically,’ pointing to about 175 times fiscal 2026 EV/EBITDA and roughly 62 times EV/revenue, and adding the shares have ‘no room for error.’ Those multiples reflect market expectations for growth across SpaceX’s aerospace and AI‑related businesses.

Institutional and retail responses diverged. ARK Invest increased exposure, purchasing 210,121 SpaceX shares across four ETFs worth about $32.5 million at Monday’s close, according to platform data. Retail sentiment on that platform shifted from extremely bullish to more negative as message volumes rose after the bond announcement, while a poll of more than 5,600 respondents showed 45% still naming SpaceX as the space stock they are most bullish on over the next five years.

Company officials have not provided additional comment beyond the filings announcing the debt offering and the Cursor acquisition. Some market participants characterized the debt sale as routine balance‑sheet management for a cash‑rich firm, while others said it raised questions about capital needs for rockets, satellite networks and AI investments.

SpaceX’s IPO in mid‑June, priced at $135, set a U.S. record for proceeds. The stock’s rapid climb and retreat have driven fresh debate over valuations and shareholder expectations as the company expands into new business areas.