SpaceX stock on track to shed 18% this week

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SpaceX shares are on track to lose 18% this week, dragging its market capitalization back toward $2 trillion after peaking above $2.5 trillion in early trading. The stock is now flirting with its $135 IPO price and has slipped below the $150 level where it opened. The decline comes despite a $25 billion bond sale that drew nearly $90 billion in orders, upsized from an initial $20 billion target, though Bloomberg reports paper losses on that debt have mounted to around $305 million relative to benchmark US treasuries. Allianz chief investment officer Ludovic Subran said the SpaceX deal shows markets shifting from a stretched boom into bubble territory, while OpenAI has reportedly slowed its own IPO plans amid cooling AI exuberance. Separately, the Financial Times reported SpaceX is weighing a move into consumer mobile with a Starlink-based wireless service.