On June 24, SpaceX declined over 3% in regular trading. The stock continues to face selling pressure following its debut bond issuance announcement and mounting valuation concerns.
SpaceX disclosed plans to issue approximately $200–250 billion in investment-grade bonds, its first-ever entry into the debt market, to refinance bridge loans related to its xAI acquisition and fund AI infrastructure expansion. The move, coming less than two weeks after its record $75.5 billion IPO, raised investor concerns about capital expenditure intensity and long-term cash burn. Standard and Poor's projects SpaceX will continue consuming cash through 2030.
Investment bank KeyBanc initiated coverage with only a Sector Weight rating and no target price, citing stretched valuations with a 29x price-to-sales ratio and 71x EV/EBITDA on 2027 estimates. The company reported a net loss of approximately $4.9 billion in 2025, with AI subsidiary xAI alone losing over $6 billion. Since reaching an intraday high of $225.64 on June 16, the stock has declined over 30%, erasing nearly all post-IPO gains.
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