TradingKey – SpaceX (SPCX) plunged 16.43% in a single day yesterday following its bond issuance, and briefly dipped below its IPO price of $150 during pre-market trading today. However, amid a broad sell-off in tech stocks, SpaceX bucked the trend to rise over 3%, and as of writing, it remains up 2.04% at $157.75.

After experiencing a short-term plunge triggered by rumors of the bond issuance, SpaceX’s stock price has staged a recovery, which in essence reflects the market’s perception of this financing shifting from “liquidity panic” back to rational pricing.

[Source: TradingView]

The primary purpose of this $20 billion bond issuance is to refinance bridge loans maturing in 2027, which represents a routine capital structure optimization…