SpaceX shares closed at $154.60 on Monday, falling 16% and marking their third consecutive day of declines. The closing price was below the initial public offering price of $160.90 from June 12.

SpaceX shares began trading on the Nasdaq exchange on June 12 and reached a high of $201.80 per share on June 16. On Monday, shares were down approximately 23% from their peak. The company filed regulatory documents indicating plans to sell investment-grade bonds, aiming to raise approximately $20 billion through a bond sale.

Dan Ives, Managing Director at Wedbush Securities, said, "Investors remain skittish about all these debt offerings on the Street but it's par for the course in this AI arms race." He added, "We are seeing massive debt and equity raises from Big Tech players to fund major capital expenditure buildouts over the coming years." SpaceX reported $100.8 billion in cash in its regulatory filing.

SpaceX shares opened at $150 on June 12 and closed up 19.6% at $192.45 on that day. Retail investors purchased $405 million worth of SpaceX shares in the first five trading sessions. SpaceX lost nearly $5 billion last year, with annual capital expenditures reaching $20.7 billion. In the first quarter of this year, spending reached $10.1 billion, and AI-related spending accounted for $7.7 billion.

Scott Martin, Partner at Kingsview Wealth Management, stated, "Investors aren't buying today's fundamentals – they're buying Elon Musk, Starlink, AI, space infrastructure and the belief that SpaceX will dominate industries that don't fully exist yet." He added, "That's exciting, but it also means expectations are getting very high." Jose Torres, Senior Economist at Interactive Brokers, said, "Wary of the substantial cash required to fund technological ambitions."

Elon Musk merged SpaceX with xAI in February. SpaceX owns the satellite internet service provider Starlink. Elon Musk stated that SpaceX aims to allow humans to colonize Mars. SpaceX shares fell 5% on Wednesday of the previous week and 3.6% on Thursday of the previous week. Its market capitalization surpassed Amazon on Tuesday of the prior week. The S&P 500 Index closed down 0.43% on Monday, and the Nasdaq Composite Index fell 1.3%.