SpaceX has plummeted by $600 billion in three days: nearly half of Bitcoin's market capitalization has evaporated.
The public stock market for SpaceX has experienced a historic crash: over three trading sessions, the company's market capitalization shrank by more than $600 billion. For comparison, this is nearly half of Bitcoin's current market value, which stands at about $1.25 trillion. The decline began after Elon Musk's shares plummeted by 16% on June 22, reaching $154.60 — the lowest level since the stock debuted on June 12.
The trigger for the sell-off was news of SpaceX's plans to conduct a $20 billion initial offering of corporate bonds. In my estimation, the proceeds will primarily go toward refinancing a bridge loan related to the xAI acquisition, which matures in September 2027. Over three days, the stock fell by about 23%, and the company's valuation dropped from nearly $2.5 trillion to just over $2 trillion.
It is important to note that the low volume of shares in free float amplified volatility: with limited supply, even isolated news can cause sharp price movements. On Hyperliquid, the perpetual contract for SpaceX shares fell another 15% on Tuesday — to approximately $151.
Over the same period, Bitcoin lost less than 1% and traded around $63,600. The resilience of the leading cryptocurrency is explained by the greater depth and liquidity of its market, but both assets, as I see it, depend on the overall risk appetite, especially amid growing investor interest in artificial intelligence.
Pressure on the Technology Sector
The decline in SpaceX coincided with a broader correction in technology stocks. Investors are increasingly questioning the return on massive spending by major tech giants on AI. This is critical for the crypto market, as it was precisely the interest in AI and high-risk assets that supported the recovery of cryptocurrencies in recent weeks.
An opposing factor remains oil. Amid negotiations to resolve the Middle East conflict, Washington granted Iran a 60-day license to resume oil exports, which led to Brent falling below $78 per barrel. Cheaper oil reduces the inflationary pressure that had kept the Fed in a hawkish stance, and this could become a supportive factor for risk assets, including Bitcoin.
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 the consolidation of xAI, the company was closer to profitability: in 2024, it earned $791 million in net profit. The AI segment became the main source of pressure: in 2025, xAI generated $3.20 billion in revenue and an operating loss of $6.36 billion.
Starlink remains the most profitable part of the business: in 2025, the Connectivity segment brought in $11.39 billion in revenue and $4.42 billion in operating income. However, an additional source of pressure was the deal with Anysphere — the developer of the AI assistant Cursor. On June 16, SpaceX announced the acquisition of the company for $60 billion in an all-stock deal. This structure does not require cash outlays but dilutes the stakes of existing shareholders by a potential 3.4% based on the company's valuation at the time of the IPO.
My analysis: This crash in SpaceX is not just a correction but a signal of overheating in the AI and tech giant markets. For crypto investors, it is a reminder: if even assets like SpaceX can lose half of Bitcoin's market cap in three days, then the high volatility of digital currencies is merely part of the bigger picture. Bitcoin's resilience in this context confirms its status as "digital gold," but its dependence on macroeconomic factors, such as oil and Fed policy, remains critical.