SpaceX shares have fallen for a third straight session, sinking to their lowest level since the firm's market debut and wiping out most of the spectacular gains made after its IPO, just as it launches its first-ever bond sale.

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 stock has fallen back toward $185 from a $225 peak, as a thin float, new short-selling tools, and a $60bn Cursor deal cool the euphoria.

SpaceX shares have seen a significant drop, losing hundreds of billions in value over three days. This decline follows the company's announcement of its first investment-grade…