TLDR
- SpaceX shares declined approximately 1.6% to reach $169.05 during Wednesday’s opening session.
- Climbing yields on 10-year and 30-year Treasury bonds created headwinds for US growth stocks.
- The aerospace company is evaluating a potential $40 billion financing package to fund Nvidia chip acquisitions.
- Recent operational successes with Starship, Starlink deployments and crewed launches had driven a prior three-day advance.
- Wall Street analysts remain optimistic, with Morgan Stanley maintaining a $300 price objective and Goldman Sachs lifting its forecast to $230.
SpaceX (SPCX) shares retreated during Wednesday’s early trading hours, halting a momentum run that had delivered gains across three consecutive sessions. The stock declined roughly 1.6% to $169.05 as Treasury bond yields advanced, creating pressure throughout equity markets. Investors balanced recent operational achievements against rising capital costs and a substantial financing proposal.
Space Exploration Technologies Corp., SPCX
Bond market moves pressure SpaceX shares
The benchmark 10-year Treasury yield climbed to 5.36%, while its 30-year counterpart advanced to 5.73%. These increases triggered selling across major US indices and particularly affected growth-oriented companies. SpaceX entered Wednesday’s session following a robust recovery driven by recent Starship and Falcon launch activity.
The company’s shares had surged 7.35% Friday, extended gains by 7.63% Monday, and added another 0.49% Tuesday. This three-session climb followed an extended period of subdued performance after the stock touched $225 during its June public market debut. Shares had traded mostly beneath $150 throughout recent weeks before reclaiming that threshold last week.
$40 billion financing package under consideration
According to the Financial Times, SpaceX is structuring a debt package approaching $40 billion. The proposed arrangement would combine approximately $10 billion in traditional bank financing with $30 billion in investment-grade bonds. Apollo Global Management is positioned to orchestrate the transaction, which may conclude in 2027.
Proceeds would support purchases of Nvidia processing chips required for expanding data center infrastructure as SpaceX accelerates artificial intelligence initiatives. Company financials showed $38.4 billion in existing debt obligations and $1.1 billion in finance-lease commitments at June 30. The balance sheet also reflected approximately $100 billion in liquid assets and marketable securities while the firm continued supporting Google’s Project Suncatcher orbital test.
Launch milestones fueled earlier momentum
Operational achievements provided the catalyst for the stock’s prior advance. SpaceX executed a complete orbital Starship mission and successfully deployed 26 Starlink V3 satellites despite encountering an engine malfunction during the ascent phase. The organization also transported four astronauts to the International Space Station alongside additional missions completed that week.
Market participants continued monitoring SpaceX’s recent valuation shift following the stock’s return above $170. Morgan Stanley’s Adam Jonas maintained an Overweight recommendation alongside a $300 price objective Monday. Goldman Sachs increased its target to $230 from $220 while preserving a Buy stance.
SpaceX shares remained well below their June high despite the recent recovery. Wednesday’s pullback mirrored broader market weakness, elevated Treasury yields, and fresh scrutiny of the proposed borrowing plan. Market observers continued evaluating launch schedules, artificial intelligence development, and defense contract opportunities as the company progresses through its initial months as a publicly traded entity.
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