SpaceX Falls for Third Day, Erases $600 Billion in Market Value

SpaceX shares slipped for a third straight day, shedding hundreds of billions of dollars in market value, after the Elon Musk-led company said it is selling investment-grade bonds for the first time, part of what’s expected to be a massive borrowing spree to fund its artificial-intelligence ambitions.

The stock fell 16% Monday to close at $154.60, the lowest level since the company’s first day of trading, pushing its three-day loss to 23% and erasing over $600 billion in value over that period. The company’s market capitalization now sits just above $2 trillion.

“Sellers are back in control. Anyone in ...