SpaceX (SPCX) Stock Winning Streak Faces Sudden Test

TLDR

• SpaceX stock fell about 1.6% to $169.05 in early Wednesday trading.
• Rising 10-year and 30-year Treasury yields added pressure across US equities.
• SpaceX is reportedly considering about $40 billion in new debt to support Nvidia chip purchases.
• Starship, Starlink and crew missions helped fuel the stock’s recent three-session rally.
• Morgan Stanley kept a $300 target, while Goldman Sachs raised its target to $230.

SpaceX (SPCX) stock moved lower Wednesday morning, threatening to end a three-session winning streak as rising Treasury yields pressured US equities. Shares fell about 1.6% to $169.05 in early trading after strong gains on Friday, Monday and Tuesday. The pullback came as investors weighed higher borrowing costs, a debt proposal and recent operating progress.

Space Exploration Technologies Corp., SPCX

SpaceX stock slips as Treasury yields climb

The 10-year Treasury yield reached 5.36%, while the 30-year yield moved to 5.73%. Higher yields pushed major US indexes lower and added pressure to growth shares. SpaceX also entered early Wednesday after a strong rebound linked to recent Starship and Falcon launch activity.

SpaceX gained 7.35% Friday and another 7.63% Monday before adding 0.49% Tuesday. The three-day advance followed weaker trading after shares reached $225 following the company’s June market debut. The stock had remained below $150 for much of the period before breaking above that level last week.

Debt plan adds another issue for investors

SpaceX is preparing to raise about $40 billion in new debt, according to the Financial Times. The proposed package includes roughly $10 billion in bank loans and $30 billion in investment-grade debt. Apollo Global Management may lead the financing, which could close in 2027.

The money would help fund Nvidia chip purchases for data centers as SpaceX expands its artificial intelligence operations. The company reported $38.4 billion of debt and $1.1 billion in finance-lease liabilities as of June 30. It also held about $100 billion in cash and marketable securities while supporting Google’s Project Suncatcher orbital test.

Recent launches supported the rally

Operational news helped drive the recent recovery. SpaceX completed a full orbital Starship test and deployed 26 Starlink V3 satellites despite an engine outage during ascent. The company also sent four astronauts to the International Space Station and completed other launches that week.

Investors tracked SpaceX’s recent valuation shift after the stock moved back above $170. Morgan Stanley analyst Adam Jonas kept an Overweight rating and a $300 price target Monday. Goldman Sachs raised its target to $230 from $220 while keeping a Buy rating.

SpaceX stock remained below its June peak despite the rebound. Wednesday’s decline reflected broader market weakness, higher Treasury yields, and renewed attention on planned borrowing. Investors continued to monitor launch activity, AI expansion, and defense contracts as the company moved through its first months as a public stock.

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