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SpaceX IPO banks yell ‘buy’ as stock craters

SpaceX has shed over $1.1T since June 16, but the banks that split $500M selling its IPO still rate the stock a “buy.”

Some SpaceX bonds have already sunk to junk-like territory

Investors lent SpaceX billions in June, and its longest-dated bonds have sunk to an effective junk-like yield of 7.5% at $0.90 on the dollar.

SpaceX slipped below $140 per share on Monday, wiping out $1T from the peak market capitalization of Elon Musk’s IPO.

Elon Musk’s net worth of $1.4T is mind-bogglingly large, dwarfing the fortunes of even the richest crypto billionaires.

Last week was supposed to be a shining example of crypto tech tokenizing SpaceX stocks for the masses. Instead, the industry failed again.