(Reuters) - Shares of Elon Musk's rockets-to-AI firm SpaceX dropped more than 6% on Thursday, as the post-IPO frenzy that briefly placed it among the top five most valuable companies of the world appeared to fizzle out.
Its shares were last down 6.4% at $179.62, after falling nearly 5% in the last session. Despite the losses, the stock still traded more than 30% above its $135 offering price.
If the losses persist, SpaceX's market value of $2.52 trillion would shrink by more than $160 billion on Thursday.
SpaceX's bankers are preparing to meet investors as early as next week to discuss a bond offering of at least $20 billion, a source said on Thursday, as the newly public company seeks funding for an ambitious and capital-intensive AI expansion.
The company announced on Tuesday that it would buy Anysphere, the startup behind the popular AI coding agent Cursor, for $60 billion in stocks to boost its presence in the lucrative enterprise AI tools market.
Earlier this year SpaceX had acquired Musk's AI startup xAI in a record-setting deal, unifying the entrepreneur's rocket-and-satellite company with the maker of the Grok chatbot.