By William GavinAnyone who bought SpaceX's stock after the first trading day is now underwater on those purchases - at least on paperSpaceX went public less than two weeks ago and has seen volatile trading since.SpaceX shares just had their worst day yet - carrying them below their closing price from their first day of trading less than two weeks ago.The stock (SPCX) finished Monday's session at $154.60, with declines escalating toward the end of the trading day.SpaceX shares closed well below the $160.95 level sustained at the finish on June 12, when the company went public. That means that anyone who bought the stock after its first day of trading has lost money - at least on paper.The heavy selling pressure has taken a toll on SpaceX's valuation. The company finished with a $2.04 trillion market capitalization at Monday's close, just behind Taiwan Semiconductor Manufacturing's (TSM) $2.06 trillion, according to Dow Jones Market Data. As such, SpaceX slipped to No. 7 in the ranks of the world's largest companies.SpaceX erased $400.8 billion from its market cap on Monday, which made for the second-largest one-day wipeout on record for any U.S. company, according to Dow Jones Market Data.The company on Monday confirmed plans to offer senior unsecured notes to raise cash and help pay off its existing debt. The proceeds of that raise would go toward a $20 billion bridge loan, which SpaceX originally took out to pay off debt accrued by CEO Elon Musk's xAI.That offering comes despite SpaceX confirming on Monday that it has $100.8 billion in cash and cash equivalents. Most of that comes from the more than $85 billion it raised through its initial public offering.It also has a new deal to provide compute to Reflection AI, a startup developing open-source artificial-intelligence models, through the end of 2029. The deal will give SpaceX $150 million per month in revenue beginning in July, according to the Wall Street Journal. Like SpaceX's other AI-compute deals, it could be ended with 90 days' notice after the first three months.-William GavinThis content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.(END) Dow Jones Newswires06-22-26 1638ET

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SpaceX shares dropped to $154.60, erasing $400 billion in market value and falling below its IPO closing price. The company confirmed plans to issue senior unsecured notes to repay a $20 billion bridge loan for xAI, despite holding $100.8 billion in cash. Additionally, SpaceX secured a deal with Reflection AI for $150 million monthly compute revenue through 2029.

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SpaceX sheds $400 billion in value as stock slides below its IPO-day closing price