US Stock Market Move | SpaceX (SPCX.US) falls more than 9%, accumulating a 20% drop over three consecutive trading days.

On Monday, SpaceX (SPCX.US) fell more than 9%, to $168.10, marking a cumulative 20% drop over three consecutive trading days. On the news front, after completing a record-breaking $75 billion IPO, SpaceX issued investment-grade bonds for the first time, which may signal the beginning of a large-scale borrowing spree to raise funds for its artificial intelligence (AI) business. SpaceX stated in its filing that it has initiated the process for issuing its first senior unsecured bonds, and the specific issuance will depend on market conditions and other factors. The filing also noted that these bonds are unsecured, with repayment priority equivalent to all current and future non-subordinated debts, liabilities, and other repayment obligations of the company. Last week, SpaceX received investment-grade bond ratings from three major rating agencies, paving the way for lower financing costs. Moody's Corporation and Fitch Ratings rated SpaceX's debt at Baa1 and BBB+, respectively, three notches above junk status. S&P Global, Inc. gave a slightly lower BBB rating. Moody's Corporation stated, "SpaceX's Baa1 issuer rating reflects the company's exceptional operational strength as the world's leading provider of orbital launch services and the largest operator of the low earth orbit satellite broadband network Starlink." However, the agency also warned, "The company's extensive AI infrastructure deployment presents high project execution and financial risks, which have suppressed this rating; intensive business capital expenditures leading to continued negative free cash flow, and significant uncertainties in commercialization and monetization prospects." (Note: This translation is provided by an AI and may contain errors.)