SpaceX stock plunges 16.4%, erasing most IPO gains amid bond sale and lock-up expiry concerns

Pras Subramanian · Senior Reporter Updated: Tue, June 23, 2026 at 1:12 AM PDT 2 min read

SpaceX (SPCX) shares extended a three-day losing streak in premarket trading on Tuesday, continuing a sharp pullback from the stock's meteoric rise following its initial public offering earlier this month. The company also confirmed its first-ever bond issuance in a regulatory filing.

Shares of the Elon Musk-led company fell nearly 3% in premarket trading, hovering just above $150 per share.

| SPCX | |------| | 154.60 | | -30.40 (-16.43%) | | At close: June 22 at 4:00:00 PM EDT |

Steep Decline After Initial Surge

SpaceX closed down 16.4% on Monday — its worst single-day performance since going public — following a 3.6% drop on Thursday and a 5% decline on Wednesday. U.S. markets were closed on Friday for the Juneteenth national holiday.

The three-day rout follows a significant post-IPO rally. Shares are now up only 14% from SpaceX's IPO price of $135, having opened at $150 on their first day of trading on June 12. At the stock's peak of approximately $225 per share, SpaceX briefly surpassed Amazon (AMZN) and Microsoft (MSFT) to become the fourth most valuable public company.

First-Ever Bond Issuance

On Monday morning, SpaceX confirmed its inaugural bond sale in a filing. While the company did not disclose the offering size, it stated that it "intends to use the net proceeds from the Notes offering to repay the outstanding borrowings under its bridge loan facility in full" and to cover related fees and expenses.

Bloomberg reported late last week that SpaceX was preparing an offering in the $20 billion range.

The bridge loan was secured earlier this year when SpaceX, led by CEO Elon Musk, acquired Musk's own AI startup, xAI, in February.

According to Reuters, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley provided the bridge financing and are expected to lead the bond deal.

Debt offerings can sometimes weigh on stock prices as investors grow concerned about interest expenses and the implications of a company needing additional funding. Although this offering was widely expected, it may be contributing to the recent sell-off.

Lock-Up Expiry Adds Downward Pressure

Another factor looming over SpaceX shares is the expiry of equity lock-up periods, which could intensify selling pressure.

22V Research strategist Jeff Jacobson told Yahoo Finance that a 20% insider share unlock is scheduled following SpaceX's earnings announcement in early to mid-August. Additional unlock triggers include:

• 10% share unlock if the stock trades 30% above the IPO price
• 7% share unlock around August 21
• 7% share unlock around September 10

Jacobson noted that insiders could potentially sell 44% of SpaceX shares by early September, increasing the current float by approximately 900%. SpaceX's current float stands at just 4.2% following its IPO.

Pras Subramanian is Lead Transportation Reporter for Yahoo Finance. You can follow him on X and on Instagram.

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