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SpaceX shares fell as much as 5% to about $147 in premarket trading, marking the third consecutive day of losses. The company has shed more than $600 billion（約96兆円） in market value, with Monday's $400 billion（約64兆円） one-day drop ranking as the second-largest single-session loss on record after Nvidia's roughly $590 billion（約94兆円） plunge last year. SpaceX is now on track to slip below $2 trillion（約320兆円） in market capitalization.
Why it matters
SpaceX is raising capital by selling investment-grade bonds, with expectations to raise at least $20 billion（約3.2兆円） in the first offering as part of a broader borrowing plan to fund its AI ambitions. The company also signed a multibillion-dollar deal with Reflection AI to provide computing resources. This positions SpaceX alongside other large technology companies—Alphabet, Amazon, Meta, and Oracle—that have tapped bond markets for hundreds of billions of dollars to build AI infrastructure in recent months.
What to watch
Despite recent losses, SpaceX shares remain roughly 10% above the $135 initial public offering price, indicating the stock still trades above its IPO level. The company's success in raising at least $20 billion（約3.2兆円） through its first bond offering will signal market confidence in its AI-focused capital strategy.
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