SpaceX lost $600 billion in three days: nearly half of Bitcoin's market capitalization evaporated
SpaceX's market capitalization has collapsed by more than $600 billion in just three trading sessions. This figure is comparable to nearly half of Bitcoin's current value, making this episode one of the most significant in the history of public markets in the context of comparison with cryptocurrencies.
On June 22, Elon Musk's company shares fell by 16%, reaching $154.60 — the lowest level since SpaceX went public 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 main goal is to refinance a bridge loan related to the acquisition of xAI, which matures in September 2027.
Over three days, SpaceX shares lost about 23% of their value. Just a week earlier, the company's valuation was approaching $2.5 trillion, but after the crash, it dropped to just over $2 trillion. On Hyperliquid, the perpetual contract for SpaceX shares fell an additional 15% on Tuesday to approximately $151.
It is important to emphasize that the dynamics were heavily influenced by the low volume of shares in free float. With a limited number of securities, even isolated news can cause sharp movements. This is a classic risk when trading shares of companies with a high concentration of ownership.
Bitcoin over the same period showed remarkable resilience, losing less than 1% and trading around $63,600. The market capitalization of the first cryptocurrency is approximately $1.3 trillion. Against the backdrop of SpaceX's decline, this means that the three-day losses of Elon Musk's company are nearly equal to half of BTC's market value.
Pressure on the Technology Sector and Macroeconomic Background
The SpaceX crash coincided with a broader correction in technology stocks. Analysts attribute this to growing investor doubts about the return on massive AI spending by major tech giants. For the crypto market, this factor is critical, as interest in artificial intelligence and high-risk assets has supported the recovery of cryptocurrencies in recent weeks.
An opposing factor remains oil. Amid negotiations to resolve the conflict in the Middle East, Washington granted Iran a 60-day license to resume exports. Brent closed below $78 per barrel. Cheaper oil reduces inflationary pressure, which could soften the Fed's hawkish stance and become a supportive factor for risky assets, including Bitcoin.
Financial Context and the Anysphere Deal
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: xAI generated $3.20 billion in revenue in 2025 with an operating loss of $6.36 billion.
Starlink remains the most profitable part of the business. In the reports, it is listed as Connectivity: in 2025, the segment earned $11.39 billion in revenue and $4.42 billion in operating income.
An additional factor 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 outlay but dilutes the stakes of existing shareholders. The potential dilution is approximately 3.4% of SpaceX's valuation at the time of going public.
My expert conclusion: SpaceX's $600 billion drop is a vivid example of how even the largest companies can be vulnerable to macroeconomic and industry risks. For crypto investors, this is a signal: Bitcoin, despite its volatility, demonstrates resilience due to greater market depth and liquidity. However, the dependence of both assets on overall risk appetite, especially in the context of AI, remains high. The market will closely watch whether SpaceX can stabilize after these shocks.