SpaceX (SPCX) shares moved lower in Wednesday morning trading, threatening to end a three-session winning streak as rising Treasury yields pressured US equities. The stock slipped about 1.6% to $169.05 in early trading, giving back part of the strong gains recorded on Friday, Monday and Tuesday. The pullback came as investors weighed higher borrowing costs, a large proposed debt raise, and a stretch of recent operational progress.

Space Exploration Technologies Corp., which trades under the ticker SPCX, entered the session on the heels of a rebound linked to recent Starship and Falcon launch activity.

Rising Treasury Yields Weigh on Growth Shares

The 10-year Treasury yield reached 5.36%, while the 30-year yield moved up to 5.73%. Higher yields, which lift borrowing costs across the economy, pushed major US indexes lower and added pressure on growth-oriented shares, with recently public SpaceX among them. That rate sensitivity is a familiar feature for growth stocks: when long-term yields rise, the value of earnings expected years from now is discounted more heavily, a calculation that weighs on recently listed companies still funding capital-intensive programs such as Starship, Starlink, and an expanding AI data-center effort.

The stock's recent advance was substantial. SpaceX gained 7.35% on Friday and another 7.63% on Monday before adding 0.49% on Tuesday. The three-day rally followed a weaker stretch of trading after shares reached $225 following the company's June market debut. The stock had spent much of the period below $150 before breaking above that level last week.

Proposed $40 Billion Debt Raise Draws Investor Attention

SpaceX is preparing to raise about $40 billion in new debt, according to the Financial Times. The proposed package includes roughly $10 billion in bank loans and $30 billion in investment-grade debt. Apollo Global Management may lead the financing, which could close in 2027. Because bond terms are set against prevailing yields, the rate backdrop between now and a potential 2027 close is one variable that would shape the final cost of the package.

The money would help fund Nvidia chip purchases for data centers as SpaceX expands its artificial intelligence operations. As of June 30, the company reported $38.4 billion in debt along with $1.1 billion in finance-lease liabilities. It also held approximately $100 billion in cash and marketable securities while supporting Google's Project Suncatcher orbital test. If completed at the proposed size, the new raise would roughly match the company's entire debt load as of June 30, which is why the package has drawn attention alongside operating results.

The report of the large financing package gave investors a new item to weigh alongside the company's operating progress and spending plans.

Recent Launches Supported the Rally

Operational news helped drive the recent recovery. SpaceX completed a full orbital Starship test and deployed 26 Starlink V3 satellites despite an engine outage during ascent. The company also sent four astronauts to the International Space Station and completed a series of other launches during the same week.

Market watchers also tracked the company's valuation shift after the stock moved back above $170. On Monday, Morgan Stanley analyst Adam Jonas maintained an Overweight rating and a $300 price target. Goldman Sachs raised its price target to $230 from $220 while keeping a Buy rating on the shares. Taken together, those published targets of $230 and $300 bracket the $225 level shares reached after the June debut, giving readers a reference point for where the company trades relative to its early public-market history.

SpaceX stock remained below its June peak despite the rebound. Wednesday's decline reflected broader market weakness, higher Treasury yields, and renewed attention on the company's planned borrowing. Investors continued to monitor launch activity, AI expansion, and defense contracts as SpaceX moves through its first months as a publicly traded company, with the proposed financing's path toward a potential 2027 close among the fixed points on its calendar.