SpaceX (SPCX) shares fell 16% at the close on June 22, down 29% from its historical high after its IPO. The market capitalization shrank by about $800 billion from its peak. Over the past three trading days, the cumulative drop was about 24%. SpaceX announced its first bond issuance plan on Monday; according to Bloomberg, the issuance size is close to $20 billion. Net proceeds will be used to fully repay the bridge loan arranged for the xAI acquisition.
SPCX Shares Drop in First Week After Listing: IPO Opens at $150, Down 29% From Peak
SpaceX’s listing performance is as follows: it began trading on June 12 at the offer price of $135, opening at $150. In the first two full trading days after listing, its market cap briefly surpassed Amazon and at one point also exceeded Microsoft. It fell 5% on Wednesday, 3.6% on Thursday, was halted on Friday due to the June holiday, and then fell again 16% on Monday—bringing the cumulative decline to 29% versus the historical high.
Despite this, SpaceX’s IPO has made Musk the first person to join the ranks of trillionaires, and has created thousands of new millionaires.
SpaceX’s First Bond Offering: Size Around $20 Billion
Based on Bloomberg’s report last week, SpaceX plans to make its first bond issuance with a size close to $20 billion. In its filing, SpaceX said, “The Company plans to use the net proceeds from this bond issuance to fully repay outstanding indebtedness under its bridge loan,” which was arranged earlier this year for the transaction to acquire xAI in February 2026.
This bridge financing comes from Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley, which are also expected to handle the bond issuance.
22V Research’s Jeff Jacobson: 44% of Shares Unlocked for Sale in Early September
22V Research strategist Jeff Jacobson told Yahoo Finance that SpaceX’s stock unlock schedule is as follows:
Early to mid-August (after earnings are released): 20% of insiders’ shares become eligible to unlock
Additional unlock conditions: If the stock price rises 30% from the IPO, an additional 10% can be unlocked
Around August 21: another 7% unlocked
Around September 10: another 7% unlocked
Expected in early September: 44% of insiders’ shares available for sale; the tradable float as a percentage would increase by about 900% versus now (current tradable float ratio is about 4.2%)
Reflection AI Agreement: $150 Million per Month Starting in July
According to information seen by CNBC on June 22, Reflection AI has agreed to pay SpaceX $150 million per month from July 1, 2026, through 2029 to buy GB300s (Nvidia’s top-tier AI chips used to train and run advanced models). If the agreement runs through to maturity, the total payment would be about $6.3 billion. After the first three months end, either party can terminate the contract with 90 days’ notice.
Reflection AI is valued at $25 billion. It is an AI lab focused on open-source models. It is working with the U.S. Department of Energy’s “Genesis” program and is also involved in the Pentagon’s AI initiatives. SpaceX has already reached compute-related deals with Anthropic, Google, and Cursor. Reflection AI is the latest external customer.
FAQs
Why is SpaceX stock unlocking seen as a major pressure factor?
According to Jeff Jacobson’s analysis at 22V Research, SpaceX’s current tradable float is about 4.2%, but by early September, around 44% of insiders’ shares are expected to be available for sale. This means the percentage of tradable shares available for trading in the market would increase by about 900%. A sharp rise in tradable float usually means more potential sellers entering the market. Against the backdrop of the company’s disclosed consecutive-year losses and its first debt issuance, this could further increase downward pressure on the stock price.
Why does SpaceX need to issue debt even though it has plenty of cash?
As of June 19, SpaceX held $100.8 billion in cash, but it plans to issue about $20 billion in bonds to repay the bridge loans arranged for the xAI acquisition. Reports say this may raise concerns among equity investors, because more debt means higher interest expenses. The question of “if it has plenty of cash, why borrow anyway” could also spark market discussion about the company’s financial management strategy.
What does the compute agreement between Reflection AI and SpaceX mean for both sides?
According to CNBC’s report, Reflection AI pays SpaceX $150 million per month for compute power to buy Colossus supercomputer capacity (GB300s chips). This provides SpaceX with a steady base infrastructure revenue stream and also helps SpaceX position itself as an AI infrastructure provider. For Reflection AI, obtaining top-tier GPU compute power helps accelerate training for its open-source models, and strengthens its “open AI” narrative to government and enterprise customers.
