SpaceX lost $600 billion in three days: nearly half of Bitcoin's market capitalization evaporated
The market is in shock: SpaceX's market capitalization has collapsed by more than $600 billion over three trading sessions. For comparison, this is nearly half of Bitcoin's current market value. Such a rapid decline is rare even for highly volatile assets, and it forces a reassessment of risk in the technology sector.
On June 22, Elon Musk's company shares fell 16% to $154.60, marking a low since its stock market debut on June 12. The crash was triggered by news of SpaceX's plans to conduct its first public issuance of investment bonds worth $20 billion. The funds are intended to refinance a bridge loan related to the acquisition of xAI, which matures in September 2027.
Over three days, shares lost about 23%. Just a week earlier, the company's valuation approached $2.5 trillion, but after the sell-off, it barely exceeds $2 trillion. On Hyperliquid, the perpetual contract for SpaceX shares fell another 15% on Tuesday to ~$151.
Notably, Bitcoin lost less than 1% over the same period and traded around $63,600. The market capitalization of the leading cryptocurrency is estimated at approximately $1.3 trillion. Against this backdrop, SpaceX's decline looks particularly dramatic—it is comparable to nearly half of BTC's value. Bitcoin's resilience is explained by its greater market depth and liquidity, although both assets depend on overall risk appetite.
Pressure on the Technology Sector
SpaceX's decline coincided with a broader correction in technology stocks. Investors are increasingly questioning the return on massive AI-related spending by major companies. This is critical for the crypto market, as interest in artificial intelligence and high-risk assets has supported the recovery of cryptocurrencies in recent weeks.
Oil acts as a countervailing factor. Amid negotiations to resolve the conflict in the Middle East, Washington granted Iran a 60-day license to resume oil exports. Following this news, Brent closed below $78 per barrel. Cheaper oil reduces inflationary pressure, which had kept the Fed in a hawkish stance. For risky assets, including Bitcoin, this could be a supportive factor.
Financial Context
According to the S-1 filing, SpaceX reported a net loss of $4.94 billion for 2025 and $4.28 billion for the first quarter of 2026. Before consolidating xAI, the company was closer to profitability: in 2024, it posted a net profit of $791 million. The AI segment became the main source of pressure: xAI generated $3.20 billion in revenue in 2025 but had an operating loss of $6.36 billion.
Starlink remains the most profitable part of the business: in 2025, the Connectivity segment generated $11.39 billion in revenue and $4.42 billion in operating income. However, an additional pressure factor was the acquisition of AI assistant developer Cursor—Anysphere—for $60 billion in an all-stock deal. This structure does not require cash outlays but dilutes shareholder stakes. The potential dilution amounts to about 3.4% of SpaceX's valuation at the time of its stock market listing.
My analysis: SpaceX's decline vividly illustrates the fragility of valuations in the era of the AI race. While Bitcoin shows relative resilience, the technology sector is undergoing a correction that could spill over into the crypto market if investors begin to exit risky assets en masse. However, falling oil prices offer a chance for monetary policy easing, which would support BTC.