SpaceX declared its inaugural issuance of investment-grade bonds, aiming to finance its ambitious artificial intelligence development projects, with the financing scale set to hit at least $20 billion. This announcement triggered a three-day losing streak in its stock price, culminating in a cumulative decline surpassing 23%. On Monday, the stock closed down 16.43% at $154.6, dipping below its debut closing price, and witnessed its market value dwindle by $400 billion in a single day. Despite this, its stock price still stands 14.5% above its IPO issue price of $135, boasting a current market cap of $2.03 trillion. SpaceX concluded a $75 billion U.S. IPO on the 12th of this month and held $100.8 billion in cash as of June 19th. This bond issuance marks a pivotal component of its post-IPO capital strategy. Analysts highlight that debt financing is poised to become SpaceX's main funding avenue, with its net debt projected to balloon by over $400 billion by 2031—a sum that far outstrips the current book debt levels of nearly all U.S. corporations. The market is now reevaluating both its financing scale and the sustainability of its valuation.