SpaceX shares are falling for a fourth day in a row after the company announced its first investment-grade bond offering to finance artificial intelligence projects.
According to Bloomberg, shares of Elon Musk's company fell 10% during trading in New York. Previously, the shares had lost more than 8% in the previous two trading sessions.
The agency emphasizes that SpaceX plans to raise at least $20 billion through the bond issue. Despite the correction, the company's market capitalization at the end of trading on Thursday was approximately $2.4 trillion. USD, and its shares remained 37% above the offering price of its record $75 billion IPO.
Bloomberg also reports that analysts at KeyBanc Capital Markets have assigned the stock a neutral rating, noting that much of the long-term growth potential is already factored into the company's current valuation.