The stock was last down 8.8% at $174.8, extending losses from the previous session, though it still trades more than 29% above its $135 offering price.
Earlier in the week, SpaceX’s valuation had briefly surpassed major global tech peers, including Amazon and even Microsoft, before pulling back as profit-taking set in.
According to Bloomberg News, bankers working with SpaceX are preparing a bond sale of at least $20 billion, underscoring continued investor appetite for financing tied to the company’s expansion plans. The firm, formally known as Space Exploration Technologies Corp., has also remained in focus after reports that it is acquiring AI coding startup Anysphere, the developer of Cursor, in a $60 billion all-stock transaction.
Despite the recent pullback, SpaceX is still on track to end the week more than 40% above its $135 IPO price, reflecting sustained speculative interest around its long-term growth prospects in both aerospace and artificial intelligence.
Market participants say volatility is likely to persist as investors reassess aggressive future revenue assumptions against an uncertain timeline for monetisation. “We got very comfortable owning this stock because we could see $200 billion of revenue in 2030,” said Michael Monaghan, partner and portfolio manager at Founder Funds in Dallas, which holds SpaceX shares told Bloomberg. “But literally and figuratively you need a rocket to go get those revenues.”
Adding another layer of potential support, SpaceX may become eligible for inclusion in the Nasdaq 100 index after 15 days of trading, following Nasdaq Inc.’s rule changes allowing faster entry for large IPOs.
Options activity also indicated rising caution, with the puts-to-calls ratio nearly balanced on Wednesday as hedging demand increased. More than 1.4 million contracts traded, making SpaceX the third-most active security in the US options market, behind Tesla Inc. and Nvidia Corp.
