Shares of SpaceX closed essentially flat Friday at $153.23, up 0.15%, before slipping slightly to $152.77 in after-hours trading, as the newly public rocket and satellite company found a measure of stability following a punishing two-week stretch that had erased much of its post-IPO gains.

The modest move caps a volatile first month on public markets for Elon Musk’s space and artificial intelligence venture, one that has included a record-setting debut, a sharp multi-day selloff, and, this week, a massive bond offering that investors say has removed one of the central risks weighing on the stock.

A debut for the history books, followed by a steep pullback

SpaceX completed the largest initial public offering in history on June 12, pricing shares at $135 and raising roughly $75 billion at an initial valuation approaching $1.8 trillion. The stock surged 19% on its first day of trading, closing at $160.95, and continued climbing in the sessions that followed, briefly pushing the company’s market capitalization above both Amazon and Microsoft before settling back below both.

Shares reached an all-time intraday high of $225.64 on June 16, but the rally proved short-lived. SpaceX stock fell 16% the following Monday alone, extending a selloff that saw shares tumble across three full trading sessions, with the stock losing nearly 24% over that stretch before bottoming out at $147.11 on June 23 — briefly dipping below its $150 opening-day price.

What was driving the decline

Much of the pressure tracing through SpaceX’s stock in recent weeks centered on a looming debt deadline tied to the company’s financing structure. According to market analysis, the September 2027 deadline on a $20 billion bridge loan was the key hard deadline that drove most of the price decline from $225 to $147.11, as investors grew increasingly focused on how the company intended to refinance that obligation.

Beyond the bridge loan, investors have also flagged broader concerns about SpaceX’s financial profile as a newly public company. The company posted a $4.9 billion net loss in 2025, and lost an additional $4.28 billion in the first quarter of this year alone, even as its core businesses continued growing rapidly.

A bond sale that reshaped sentiment

The turning point for the stock came this week, when SpaceX moved to address the bridge loan concern directly. The company priced its first $25 billion bond offering across five separate tranches, with coupon rates ranging from 5.350% to 6.650% for maturities stretching from 2031 to 2056.

The response from institutional investors was overwhelming. The bond offering drew $89 billion in demand, representing roughly 3.5 times oversubscription and what market analysts described as one of the largest investment-grade order books in history. SpaceX confirmed it would use the proceeds of the offering, which settled June 26, to pay off the outstanding bridge loan entirely — directly eliminating the maturity risk that had been most responsible for the stock’s slide from its June 16 peak.

Market analysts framed the divergence between the bond market’s enthusiasm and the equity market’s caution as telling. One analysis described the dynamic as a divergence between bearish equity sentiment and bullish institutional credit demand, suggesting the stock’s earlier selloff was more sentiment-driven than tied to a genuine deterioration in SpaceX’s underlying creditworthiness.

A new contract win adds to the week’s headlines

SpaceX also received a boost from a previously unrelated business line this week. The company was named among the winning bidders, alongside Verizon, AT&T and T-Mobile, in a Federal Communications Commission wireless spectrum auction, adding another data point to the company’s expanding footprint across the broader telecommunications and connectivity landscape that includes its Starlink satellite broadband business.

Where analysts stand on the stock now

Wall Street’s outlook on SpaceX remains notably divided even after this week’s developments. The average 12-month price target across analysts covering the stock sits at $187.80, with estimates ranging from a low of $62 to a high of $310 — an unusually wide spread that reflects just how much uncertainty remains around how to value a company straddling rocket launches, satellite broadband and artificial intelligence under one roof.

Some firms have struck a cautious tone even as the bridge loan concern has been resolved. Susquehanna maintained a Neutral rating on the stock with a price target of $170, implying modest upside from Friday’s closing level, while Argus initiated coverage of the company with a Hold rating this week. Other risks cited by analysts following the stock include ongoing operating losses tied to SpaceX’s xAI artificial intelligence division, a cautious free-cash-flow outlook through 2029 from S&P, a stock lockup period set to expire in December 2026, and a notably bearish fair-value estimate from Morningstar pegged at $62 per share — far below where the stock currently trades.

The business fundamentals behind the stock

Beneath the volatility, SpaceX’s underlying revenue growth has remained robust. According to the company’s IPO prospectus, Starlink accounted for roughly 61% of total revenue in 2025, generating $11.4 billion, up about 50% from the prior year, with active customers surpassing 10.3 million across 160 countries and markets as of the end of the first quarter. Total company revenue grew to $18.67 billion in 2025, with adjusted EBITDA of $6.58 billion, even as the company posted a GAAP net loss of nearly $5 billion for the year tied to heavy investment in newer business lines, including Starship development and its AI operations.

SpaceX is scheduled to join the Nasdaq 100 index on July 7, a milestone expected to trigger an estimated $4.3 billion in passive index-fund inflows as funds tracking the benchmark are required to add the stock to their holdings. With the bridge loan risk now resolved and the stock trading well off both its post-IPO highs and its 52-week low, investors are likely to watch closely whether that added index demand, combined with continued growth in Starlink subscriptions, can stabilize a stock that has spent its first six weeks as a public company swinging between record-setting enthusiasm and sharp, sentiment-driven retreats.

The Golden State Warriors will have a new company patch on their jerseys, and it will set a new precedent in the sponsorship deal space.

IREN, an Australian-founded vertically integrated AI cloud provider, will have its brand on the jerseys beginning with the 2026-27 season after a deal reportedly worth more than $50 million a year.

The financial terms, first reported by Sportico, make it the largest sponsorship deal in North American sports.

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The Golden State Warriors will have an Iren patch on their jerseys beginning the 2026-27 season. (Iren / Fox News)

The deal is with the Golden State Group, the parent holding company that owns and operates the Warriors, the WNBA’s Golden State Valkyries, and the NBA G League’s Santa Cruz Warriors, among others.

“The Warriors jersey badge is our most visible global platform, and finding a partner that shares our vision for both innovation and community engagement was paramount,” Golden State Chief Commercial Officer Mike Kitts said in a press release. “IREN is committed to powering the future of technology, education and local impact, and aligns perfectly with our goals as we look to push the boundaries of innovation on a global scale and create a lasting legacy across the Bay Area and beyond.”

“What makes Golden State special is the platform they’ve built: championship performance, a category-defining business and a deep commitment to community, all reinforcing each other over time,” said IREN Co-Founder and Co-CEO Daniel Roberts. 

The deal is reportedly worth over $50 million annually, making it the largest sponsorship deal in North American sports. (Iren / Fox News)

“At IREN, we think about our business through a similar lens. We own and operate the full infrastructure stack: power, data centers and compute. That vertical integration allows us to serve the world’s most demanding AI workloads and invest in the communities that support us. This partnership brings together two organizations focused on execution, sharing a commitment to the people and the city building what comes next.”

In addition to the Warriors’ jersey badge, the partnership includes IREN’s designation as the Official AI Cloud Partner of Golden State, branding on warm-ups for the WNBA’s Valkyries and the Santa Cruz Warriors’ jerseys, prominent visibility throughout San Francisco’s Chase Center, and presenting sponsorship of the Warriors’ annual City Edition platform.

Golden State Warriors guard Stephen Curry smiles at the end of the third quarter of his NBA basketball game against San Antonio Spurs in San Francisco, Calif. Saturday, Dec. 4, 2021. (Stephen Lam/The San Francisco Chronicle via Getty Images / Getty Images)

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IREN delivers GPU clusters for AI training and inference to customers in the Bay Area and around the world. It has secured more than five gigawatts of power around the world to support AI training and inference workloads and is focused on building the infrastructure that enables the next generation of technological advancement.

BAD HOMBURG, Germany — Naomi Osaka’s preparations for Wimbledon hit an unexpected snag Saturday when she retired at the start of the second set of the Bad Homburg final because of a foot injury, handing the title to Karolina Muchova just two days before the year’s third Grand Slam begins.

The fourth-seeded Japanese star, competing in the first grass-court final of her career, was trailing 6-1, 1-0 to Muchova of the Czech Republic when she pulled out of the match. Osaka had taken a medical timeout in the first set before ultimately deciding she could not continue.

A dominant start for Muchova

The match never got off to a competitive start for Osaka. Muchova broke serve in the opening game and followed it with an imperious hold to love, quickly building a commanding lead. The Czech player dominated from the opening game with aggressive, varied tennis, mixing in drop shots and frequent approaches to the net that neutralized Osaka’s game throughout the first set, which Muchova closed out 6-1.

Concern over Osaka’s physical condition surfaced midway through that opening set, when she called for a medical timeout to have her right foot examined. According to a match tracker following the contest, Osaka had the medical timeout at 0-3 in the first set for the right foot issue before electing to continue play. She pushed through the remainder of the set and even briefly threatened on her own serve, but was unable to find any break points against Muchova, who closed out the set without facing one herself.

The injury proves too much to play through

Whatever progress Osaka made in fighting through the discomfort in the first set did not last into the second. After dropping the opening game of the second set to fall behind 1-0, Osaka signaled to the chair umpire that she could not continue, then walked to the net to shake hands with Muchova before doing the same with the umpire, officially ending the match in retirement.

The 28-year-old Osaka, a four-time Grand Slam champion, was filling out what had otherwise been one of the most encouraging weeks of grass-court tennis of her career heading into Saturday’s final, including reaching the first grass-court championship match of her career.

Osaka addresses the crowd

Despite the disappointing finish, Osaka took the microphone during the trophy ceremony to thank the crowd that had supported her throughout the tournament. “I just want to say thank you to everyone who came to watch the match,” Osaka told the crowd. “I apologize for not being able to finish, but this atmosphere was incredible the whole week.”

A breakthrough title for Muchova

For Muchova, the win secured the third WTA singles title of her career and her second trophy of the 2026 season, following an earlier title run in Doha. The 29-year-old former world No. 1, who has battled significant injury setbacks at various points in her career, has now positioned herself as one of the form players heading into Wimbledon. She was a quarterfinalist at the All England Club in both 2019 and 2021, giving her a track record on grass that should serve her well as the tournament gets underway.

Even with the abrupt ending, Muchova’s level throughout the week and particularly in Saturday’s final left a strong impression. Her performance in the opening set, in particular, was regarded as close to flawless, with her variety and net play giving Osaka few openings before the injury ultimately ended the contest.

What it means for Osaka’s Wimbledon run

The retirement adds a layer of uncertainty to Osaka’s outlook heading into the year’s third major. A four-time Grand Slam champion across the Australian Open and U.S. Open, Osaka has never advanced beyond the third round at Wimbledon in her career, making her recent run of form on grass — a surface that has historically given her trouble — all the more notable before Saturday’s injury scare.

Osaka is seeded No. 14 for the tournament and is scheduled to open her Wimbledon campaign against Elsa Jacquemot in the first round. Wimbledon begins Monday, leaving Osaka a short turnaround to assess the injury and determine whether she will be fit to compete.

This is not the first time a similar injury situation has disrupted an Osaka final appearance just before a major tournament. In a similar instance last year, Osaka was forced to retire from the final of the ASB Classic, a tuneup event for the Australian Open, while up a set, due to a rib injury. In that instance, a full week between the warmup event and the start of the Australian Open allowed her to recover in time to compete, eventually advancing to the third round in Melbourne. Whether a similar recovery timeline will be possible this time, with only two days separating Saturday’s retirement from the start of Wimbledon, remains to be seen.

A tournament that still showcased Osaka’s progress

Even with the disappointing conclusion, Osaka’s run through the draw in Bad Homburg represented a meaningful step forward in her ongoing effort to find her footing on grass courts since returning to the tour in 2024 following an extended absence. Her victory over Wang Xinyu in the semifinals had already marked the first time she advanced to a grass-court final in her career, and her run through the tournament featured some of the most dominant serving performances of her comeback to date.

For now, attention shifts to whether Osaka’s right foot will allow her to take the court as scheduled against Jacquemot when Wimbledon begins Monday, with her promising form on grass this week offering reason for optimism even as the injury introduces fresh uncertainty into her plans at the All England Club.

This article was written by

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