SpaceX shares have pulled back 3-6% from post-IPO highs as the company prepares a $20 billion bond sale to refinance its xAI acquisition bridge loan.

SpaceX plans a $20 billion bond deal days after its record $75 billion IPO, while filings reveal 18,712 BTC worth $1.29 billion on the company's balance

SpaceX shares fell more than 6% as the rally after the largest IPO in history cooled, though the stock held above its $135 offering price.