From record IPO to sharp correction: Why SpaceX shares are sliding

SpaceX made history with the largest IPO ever, with shares rallying nearly 60% above listing price and briefly pushing valuation close to $3 trillion. The rally quickly reversed as the stock declined for three straight sessions, wiping out more than $400 billion in market value. Concerns centred on the company's decision to issue investment-grade bonds despite holding roughly $100 billion in cash, heavy AI-related capital expenditure, and stretched post-IPO valuations.