SpaceX rout set to push market value below $2trn

SpaceX shares extended declines in premarket trading, a day after the company saw the second-largest single-session drop in market value on record.

The stock fell as much as 5% to about $147, below its first-day opening price of $150 and putting the Elon Musk-led rocket, satellite and artificial intelligence company on track to slip below $2 trillion in market capitalisation. The decline came as a selloff in technology stocks dragged Nasdaq 100 futures lower.

After falling for three straight sessions, SpaceX has shed more than $600 billion in value. Monday alone erased about $400 billion, marking the second-largest one-day loss on record after Nvidia Corp’s roughly $590 billion plunge last year.

SpaceX has said it is selling investment-grade bonds, with expectations to raise at least $20 billion in the first offering of what’s anticipated to be a borrowing spree to fund its AI ambitions. The company also signed a multibillion-dollar deal with Reflection AI to provide computing resources for the startup.

SpaceX, officially named Space Exploration Technologies Corp, is just the latest megacap technology company to tap bond markets to fund AI infrastructure builds, with companies such as Alphabet, Amazon.com, Meta Platforms and Oracle Corp raising hundreds of billions of dollars of debt across multiple credit markets in recent months.

Even with recent losses, SpaceX shares are still up roughly 10% from its $135 initial public offering price.

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