Key TakeawaysSPCX shares plummeted 16.4% Monday to $154.60, erasing approximately $600 billion in market value across three trading daysThe decline came after SpaceX unveiled plans for its inaugural investment-grade bond offering aimed at refinancing bridge loan debtKeyBanc launched coverage with a “Sector Weight” designation, pointing to elevated valuation without establishing a price targetThe company trades at approximately 29x projected 2027 revenues while remaining unprofitable, despite maintaining $100.8 billion in liquid assetsJust 639 million shares of SpaceX’s 13+ billion total outstanding shares are currently tradeable, with insider holdings unlocking across 15 phases throughout a 12-month periodSpaceX shares have experienced significant turbulence in recent trading sessions. Following an impressive 67% rally during its initial three days as a public company — reaching a high of $225.64 on June 16 — the stock has rapidly surrendered the majority of those advances.Space Exploration Technologies Corp., SPCXShares of SPCX concluded Monday’s session at $154.60, representing a 16.4% daily decline. This price point sits merely 3% higher than its IPO debut price of $150 established on June 12. The three-day downturn eliminated approximately $600 billion from its market capitalization, which had temporarily exceeded $2.6 trillion during the previous week.Data from Dow Jones Market Data indicates that Monday’s $400.8 billion single-session market cap decline ranked as the second-largest one-day valuation loss ever recorded by a U.S.-listed company.The catalyst for the selloff was SpaceX’s disclosure regarding plans to launch its maiden investment-grade dollar bond issuance, earmarked for repaying existing obligations under its bridge loan arrangement. The aerospace firm revealed it maintained approximately $100.8 billion in cash and equivalents as of June 19.While that represents substantial liquidity, market participants responded negatively.KeyBanc Launches Coverage With Cautious OutlookKeyBanc analyst Michael Leshock initiated coverage on SPCX Monday with a “Sector Weight” recommendation, declining to assign a specific price target. The research team suggested that SpaceX’s transformative growth prospects are already embedded in the current share price.“SpaceX possesses disruptive growth avenues, though we believe this is reflected in current valuation and risk/reward appears balanced,” Leshock wrote.Leshock highlighted SpaceX’s price-to-sales multiple of approximately 29 times his 2027 revenue projections — a premium relative to virtually all comparable companies across aerospace, telecommunications, and artificial intelligence sectors.The analyst also emphasized that Starship development milestones would serve as critical catalysts for SpaceX’s Connectivity division, encompassing Starlink and Starshield operations, alongside its prospective orbital data center initiatives.At its public debut, SpaceX commanded a price-to-sales ratio near 100, positioning it among the world’s most expensive publicly traded enterprises despite generating losses.Limited Float and Phased Lockup ReleasesA distinctive characteristic of SPCX involves the minimal portion currently available for public trading. Only 639 million shares from the company’s total outstanding share count exceeding 13 billion can presently be bought or sold.Departing from conventional 180-day single lockup expiration structures, SpaceX implemented a 15-stage insider share release mechanism spanning more than 12 months. This framework is anticipated to maintain persistent selling pressure as the tradeable share supply incrementally expands.SpaceX secured over $85 billion through its initial public offering while bypassing traditional bank-led pricing mechanisms, opting instead to establish a fixed $135 per share offering price directly.The organization has identified a total addressable market exceeding $28 trillion — comparable to America’s entire GDP — while articulating ambitious long-range objectives that include Martian colonization and launching orbital data centers.SPCX closed Monday’s trading with a market capitalization of $2.04 trillion. The S&P 500 index declined 0.4% during the same session.The post SpaceX (SPCX) Stock Plunges 16% Following First Bond Offering Announcement appeared first on Blockonomi.