SpaceX Shares Slide 10% Since IPO Debut; $100.8 B Cash, Bond Offering
SPCX•SpaceX shares dropped 10% Monday, marking a third session decline since its Nasdaq debut and trimming gains to 37% over the $135 IPO price. The company launched a senior unsecured notes offering to repay bridge loans and holds $100.8 billion cash despite reporting $9.18 billion in losses over five quarters.
1. Stock Performance Since IPO
Shares shed 10% on Monday, marking a third consecutive decline since SpaceX's $135 IPO. The initial two-day surge briefly lifted its market cap above Amazon and Microsoft before gains were trimmed to 37%.
2. ESG Rating Impact
MSCI assigned a CCC ESG rating on June 11, citing high exposure to environmental and governance risks. The firm scored SpaceX 1 for controversies and 3.2 for governance, prompting CEO Elon Musk to mock electric rockets.
3. Bond Offering Details
SpaceX commenced a senior unsecured notes offering to institutional and non-U.S. investors under Rule 144A and Regulation S. Proceeds will fully repay outstanding bridge loans, cover related fees and expenses, and serve general corporate purposes.
4. Financial Position and Outlook
SpaceX reported a net loss of $4.9 billion for 2025 and $4.28 billion in Q1 2026 while holding $100.8 billion in cash and equivalents as of June 19. The IPO raised nearly $86 billion after underwriters exercised the greenshoe option.
