SpaceX just suffered a massive single-day collapse—plummeting more than 16%—officially ending its historic post-IPO honeymoon. The panic started after Elon Musk's rocket giant announced a debut $20 billion bond offering, triggering intense Wall Street anxiety over its staggering cash burn rate, massive Starlink buildout, and a projected $1 trillion capital expenditure bill. Despite a fresh $6.3 billion supercomputing contract with Reflection AI, institutional panic is taking over. In this episode of Implied, we break down what’s driving the selloff, how the $60 billion Cursor acquisition fits into the puzzle, and why trying to catch this falling rocket right now might be a dangerous bet.