SpaceX (SPCX-US) Stock Falls Amid $20 Billion Bond Plan, Lock-Up Expiry Concerns

SpaceX (SPCX-US) shares fell over 10% on Monday, June 22, 2026, extending a three-day losing streak, as the company announced plans for a $20 billion bond issuance and faces impending lock-up expirations. The decline marks a significant shift from its initial post-IPO surge, with market participants citing overvaluation concerns. The $20 billion investment-grade bond offering aims to refinance a $20 billion bridge loan secured in February 2026 for the integration of Elon Musk's xAI. Investors express concern over the company's significant capital demands for Starship, Starlink, and AI infrastructure, despite raising $85.7 billion in its June 12, 2026 IPO at $135 per share. Shares, which peaked near $225 after the IPO, have since fallen 25-30% from their high, though they remain 27-30% above the initial offering price. The market is also anticipating the August 2026 lock-up expiry for early investors and employees, which could increase selling pressure.