Just days after entering the ranks of the world's most valuable companies, Elon Musk-led SpaceX has witnessed a dramatic pullback, shedding more than $600 billion in market capitalisation over the past three trading sessions. The scale of the decline is striking. The value erased from SpaceX exceeds nearly three times the combined fortunes of India's richest tycoons — Reliance Industries Chairman Mukesh Ambani, whose wealth is estimated at $88.3 billion, and Adani Group Chairman Gautam Adani, worth around $120 billion, according to the Bloomberg Billionaires Index.

SpaceX shares plunged 16% on Monday to finish at $154.60, their weakest close since the company's market debut. The selloff has now stretched to three consecutive sessions, with the stock tumbling 23% during this period and erasing more than $600 billion in market value.

Even after the sharp correction, SpaceX remains among the world's most valuable corporations, commanding a market capitalisation of slightly above $2 trillion.

The decline comes only days after SpaceX's record-breaking initial public offering, which raised $75 billion and sparked intense investor enthusiasm.

Following the listing, investors flocked to the stock to gain exposure to Musk's sprawling business empire, which spans space exploration, satellite internet services and artificial intelligence. The frenzy propelled SpaceX into the elite club of the world's most valuable companies.

However, market experts say the extraordinary rally left the stock susceptible to a sharp correction as investors rushed to lock in gains.

Investor sentiment has also been weighed down by SpaceX's aggressive expansion into artificial intelligence.

According to Bloomberg, the company is preparing its first investment-grade bond sale, seeking to raise at least $20 billion. The proceeds are expected to fund its expanding AI initiatives.

In addition, SpaceX recently unveiled a multibillion-dollar partnership with Reflection AI, an artificial intelligence startup, to provide large-scale computing infrastructure.

While many investors believe AI could become a major growth engine for the company, others worry that SpaceX is making massive bets at a time when market expectations and valuations are already exceptionally high.