SpaceX Stock Holds Near $154 After $25B Bond Sale Spurs Cash Concerns

SpaceX shares have settled near $154, down 30% from the $225.64 post-IPO peak, after the June 24 $25 billion bond issuance attracted nearly $90 billion in orders. The selloff began accelerating following the record IPO at $135 that raised $86 billion and briefly pushed valuation above $3 trillion. Proceeds from the heavily oversubscribed bond deal are refinancing a $20 billion bridge loan tied to the xAI acquisition and funding AI and Starship expansion amid a $60 billion Cursor deal. Equity investors remain concerned about dilution, heavy cash burn, and lock-up expirations despite strong credit-market demand and an investment-grade rating. The first earnings report is scheduled for early August.