** SpaceX SPCX.O shares drop >10% on Mon, on course to extend losing streak to three straight sessions

** Stock last down 10.1% at $166.36, surrendering eye-watering gains that briefly vaulted Elon Musk's rockets-to-AI firm among the world's top five most valuable companies

** The stock is sitting about 23% above its $135 IPO price

** SPCX early Mon kicked off bond offering to repay a $20 bln bridge loan it took out in March, and any remaining proceeds for general corp purposes

** Co disclosed it had $100.8 bln in cash and cash equivalents as of Jun 19

** Meanwhile, KeyBanc Capital Markets started coverage on SPCX with 'sector weight' rating without a PT

** SPCX positioned to remain the "dominant leader" in space launch and space-adjacent verticals for the foreseeable future, KeyBanc wrote in note to clients on Sun

** KeyBanc said Starlink is driving profitable growth and AI remains the "long-term driver of significant upside", adding while SPCX "possesses significant disruptive growth avenues," this is reflected in the stock's current valuation, and risk/reward appears balanced

** 7 analysts are currently covering SPCX stock; recommendation breakdown is 3 "strong buy", 2 "buy", 1 "hold" and 1 "sell"; median PT $250, per LSEG data