The S‑1 registration provided investors their first detailed look at SpaceX’s finances and governance, highlighting Musk’s central control, xAI losses, and a large commercial agreement with Anthropic. The recent stock decline shows how those disclosures are affecting market sentiment as investors weigh governance and intercompany risks. The debut bond offering attracted roughly $89 billion of demand, reinforcing market interest while intensifying creditor scrutiny over the same governance and intercompany concerns.
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