SpaceX shares continued to decline on Monday, falling 16.4% and extending a three-day losing streak. The drop follows a strong surge after the company’s public market debut earlier this month.

Since reaching a peak near $225 per share, the stock has given back much of its early gains and is now trading roughly 14% above its IPO price of $135. During its post-IPO rally, SpaceX briefly became one of the most valuable publicly traded companies in the world.

Investors were also reacting to the company’s announcement of its first bond offering. SpaceX stated that the proceeds will primarily be used to repay debt associated with a bridge loan obtained earlier this year to help finance the acquisition of Elon Musk’s artificial intelligence venture, xAI. Major financial institutions are expected to manage the debt issuance.

The bond sale may have contributed to investor concerns, as additional borrowing can raise questions about future interest costs and funding needs.

Another factor weighing on sentiment is the upcoming expiration of insider lock-up periods. Market analysts note that a significant number of shares could become eligible for sale over the coming months. Several scheduled share unlocks between August and September may substantially increase the stock’s public float, potentially creating additional selling pressure.

As a result, investors are closely watching both the company’s financing activities and the impact of future insider share sales on the stock’s performance.