SpaceX shares drop 16% after rocket company discloses it may take on billions in debt

SpaceX shares tumbled 16% Monday – their third straight day of declines — on news that Elon Musk’s rocket company could launch a massive borrowing binge. After a blockbuster initial public offering earlier this month, SpaceX on Monday revealed in a regulatory filing that it plans to sell investment-grade bonds. The bond offering would aim to raise about $20 billion, according to reports, and could help bankroll costly AI development and longer term goals like building data centers in space. In addition to the offering of senior unsecured notes, the filing disclosed about $100.8 billion in cash. The shares on...