2 hours ago
1
SpaceX, the company that went public less than two weeks ago at $135 per share, just gave investors whiplash. A single-day plunge of more than 16% erased hundreds of billions in market capitalization and knocked over $100 billion off Elon Musk’s personal fortune in one trading session.
The catalyst: SpaceX announced a $20 billion bond issuance to fund AI projects and expansion plans.
From IPO darling to cautionary tale in 11 days
SpaceX completed its highly anticipated IPO on June 12, 2026, pricing shares at $135 and raising $75 billion. That gave the company a valuation of approximately $1.75 trillion, making it one of the largest public offerings in history.
Shares surged to an intraday high of $225.64 on June 16, nearly doubling from the IPO price. Musk’s net worth climbed above $1.3 trillion.
On June 23, SpaceX shares cratered more than 16% in a single session. The multi-day sell-off that followed wiped out between $400 billion and $600 billion in total market value.
Musk, who holds approximately 4.8 billion SpaceX shares, bore the brunt of the damage. His paper wealth dropped by $152 billion on June 23 alone. The Arkham Intelligence tracker pinned the loss at over $109 billion, though estimates vary depending on the exact timing of the snapshot.
Why a bond sale spooked investors
SpaceX had just completed a $75 billion equity raise. Turning around and issuing $20 billion in bonds within days signals either that the IPO proceeds weren’t sufficient for the company’s ambitions, or that management sees an opportunity to lock in cheap debt while investor sentiment is still warm.
The bond sale was earmarked for AI initiatives and broader expansion plans. Investors, already jittery about tech valuations trading at sales multiples exceeding 100x, interpreted the move as an aggressive leverage play at exactly the wrong moment.
The trillionaire threshold and what comes next
Musk briefly held the distinction of being the world’s first (or at least most prominent) trillionaire, with his net worth peaking above $1.3 trillion on the back of SpaceX’s post-IPO rally. By early July 2026, as shares continued their descent, he had fallen below the trillionaire mark entirely.
The risk for retail investors is particularly acute. Many likely bought in during the euphoric run-up to $225, attracted by the brand name and the momentum. Those buyers are now sitting on losses of 30% or more in under two weeks.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) · 