Why did SPCX move on Jun 22, 2026?

On June 22, 2026, SpaceX (SPCX) shares fell over 11% (and closed down 16.4% on the day) after the company filed a Form 8-K announcing the launch of its inaugural multi-billion dollar senior unsecured notes offering. The debt sale, which was aimed at raising at least $20 billion to refinance bridge loans and fund capital expenditures, triggered intense market panic and skepticism regarding the newly public company's cash burn rate and debt burden so soon after its record-breaking IPO.