SpaceX stock fell more than six per cent on June 18, 2026, raising questions Canadian advisors are already fielding about post-IPO sustainability – and a $20-billion bond offering adds to the picture
SpaceX stock fell more than six per cent on June 18, 2026 – the latest sign that post-IPO enthusiasm is cooling.
For Canadian financial advisors, the drop matters. Several Canadian ETFs now hold direct SpaceX exposure. Clients who bought in early may already be asking questions.
The stock closed down 6.4 per cent at US$179.62, according to Reuters. That follows a nearly five per cent decline in the prior session. Even after both drops, SpaceX stock (NASDAQ: SPCX) still trades more than 30 per cent above its US$135 offering price from June 12, 2026.
What drove the SpaceX stock pullback
Investor sentiment has shifted as the market weighs the cost of SpaceX’s AI expansion against its current valuation.
The company reported a net loss of US$4.28 billion in the first quarter of 2026. Full-year 2025 losses totalled US$4.94 billion, according to Reuters. Revenue rose 33 per cent to US$18.67 billion in 2025.
On June 16, 2026, SpaceX confirmed it would acquire Anysphere – the startup behind AI coding agent Cursor – for US$60 billion in an all-stock deal. Earlier in 2026, it had already absorbed Musk’s AI startup xAI.
At its IPO valuation, analysts noted SpaceX would trade at roughly 67 times sales – about three times Nvidia’s revenue multiple, according to Dan Coatsworth of AJ Bell. Since then, the stock has risen further, putting additional pressure on that multiple.
In a pre-IPO analysis, Morningstar analysts Nicholas Owens and Suryansh Sharma said SpaceX was “significantly overvalued,” placing fair value at US$780 billion. That’s less than half of its listing valuation.
The bond offering adds another layer
On June 18, 2026, Reuters reported that SpaceX’s bankers are preparing to meet investors to discuss a bond offering of at least US$20 billion.
The deal would be the company’s first investment-grade bond issuance. Proceeds would refinance a bridge loan taken out earlier in 2026 to fund the xAI acquisition. Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley are expected to run the deal, according to Reuters. The bond size has not been finalized and may change.
SpaceX’s AI buildout requires tens of billions in spending on data centres, computing hardware, and power infrastructure. The bond offering signals the company intends to fund that expansion through debt, not just equity proceeds.
What this means for Canadian advisors
Two Canadian ETFs launched SpaceX exposure within days of the IPO. Harvest ETFs listed the Harvest SpaceX Enhanced High Income Shares ETF (SPXE) on the Toronto Stock Exchange. Purpose Investments launched the Purpose SpaceX Yield Shares ETF (SPXY) on Cboe Canada. Both use covered-call strategies and carry leverage.
CIBC also launched a Canadian Depository Receipt (CDR) offering SpaceX exposure in Canadian dollars. This followed an amendment to CDR issuance standards by the Ontario Securities Commission.
Advisors with clients in any of these products are now dealing with a stock that has declined nearly 11 per cent over two sessions from its recent peak.
Key considerations for client conversations:
- The stock remains more than 30 per cent above its IPO price of US$135 per share
- The S&P 500 will not include SpaceX until at least June 2027, per S&P Dow Jones Indices rules announced on June 4, 2026
- Nasdaq-100 and Russell index rules were updated to allow faster inclusion. This could create mechanical buying pressure in the near term, according to Reuters
The planned US$20-billion bond offering – if completed – would be SpaceX’s first investment-grade debt issuance
SpaceX’s space sector peers also fell on June 18, 2026. Rocket Lab and Planet Labs declined around three per cent each. AST SpaceMobile dropped around seven per cent.
Valuation context advisors should have on hand
SpaceX reported combined losses of approximately US$8.7 billion across its AI operations in the 15 months ended March 31, 2026, according to the Associated Press. Revenue is growing — but so are losses.
The S&P 500 will not include SpaceX until at least June 2027. S&P Dow Jones Indices maintained its existing 12-month seasoning period and GAAP profitability requirement, locking SpaceX out of the benchmark for now.
For more coverage on equity markets, ETFs, and investment products relevant to Canadian advisors, visit Wealth Professional’s Investments section.
