SpaceX loses $600 billion in three days: nearly half of Bitcoin's market capitalization evaporates
The market is experiencing a dramatic drop in SpaceX's market capitalization — over three trading sessions, Elon Musk's company lost more than $600 billion. This figure is comparable to nearly half of Bitcoin's current market value, highlighting the scale of the collapse.
On June 22, SpaceX shares plummeted by 16%, reaching $154.60 — the lowest level since its stock market debut on June 12. The sell-off was triggered by news of the company's plans to issue its first public offering of dollar-denominated bonds worth $20 billion. The proceeds are intended to refinance a bridge loan related to the acquisition of xAI, which matures in September 2027.
Over three sessions, SpaceX shares lost about 23% of their value. Just a week earlier, the company's valuation was approaching $2.5 trillion, but after the collapse, it dropped to just above $2 trillion. A key factor amplifying the decline was the low volume of shares in free float. With a limited number of securities, even isolated news can cause sharp price movements.
On the Hyperliquid platform, the perpetual contract for SpaceX shares fell another 15% on Tuesday, dropping to $151. Meanwhile, Bitcoin lost less than 1% over the same period, trading around $63,600. The market capitalization of the leading cryptocurrency is estimated at roughly $1.3 trillion, making SpaceX's three-day decline nearly half of BTC's market value.
Bitcoin's resilience is explained by the greater depth and liquidity of its market. However, both assets 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 broad correction in technology stocks. Investors are expressing doubts about the return on massive spending by major tech companies on AI. This factor is particularly important for the crypto market, as interest in artificial intelligence and high-risk assets has supported the recovery of cryptocurrencies in recent weeks.
An opposing factor is oil. Against the backdrop of progress in negotiations to resolve the Middle East conflict, Washington issued 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 forced the Federal Reserve to maintain a hawkish stance. For risky assets, including Bitcoin, this could be a supportive factor.
Financial Context
According to the S-1 filing, SpaceX posted 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 on performance: 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 SpaceX's reporting, it is listed under Connectivity: in 2025, the segment earned $11.39 billion in revenue and $4.42 billion in operating income.
An additional pressure factor 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 transaction. This structure does not require cash outlays but dilutes the stakes of existing shareholders. The potential dilution amounts to about 3.4% of SpaceX's valuation at the time of its stock market listing.
My expert conclusion: The decline in SpaceX demonstrates how fragile valuations can be, even for the most innovative companies, when the market loses confidence in their strategy. For crypto investors, this is a signal: do not blindly rely on the "Elon effect" — fundamental metrics and market liquidity remain the main drivers of long-term value.