SpaceX's $600 billion collapse: Why Bitcoin proved more resilient than Elon Musk's stocks
The SpaceX stock market has experienced a historic shock: over three trading sessions, the company's market capitalization shrank by more than $600 billion. This amount is comparable to nearly half of Bitcoin's market value, which lost less than 1% during the same period and traded around $63,600. At its peak before the crash, SpaceX's valuation approached $2.5 trillion, but after the sell-off, it dropped to just over $2 trillion.
The catalyst for the decline was news of the company's plans to conduct its first public issuance of investment bonds worth $20 billion. The funds will be used to refinance a bridge loan related to the acquisition of xAI, which matures in September 2027. On June 22, shares fell 16% to $154.60, the lowest level since the stock market listing on June 12. Over three sessions, the cumulative decline was about 23%.
A key factor in the volatility is the extremely low volume of shares in free float. With limited supply, even isolated news can trigger sharp price movements. On Hyperliquid, the perpetual contract for SpaceX shares fell an additional 15% on Tuesday to approximately $151.
Against this backdrop, Bitcoin is showing enviable resilience. Over the same period, the leading cryptocurrency lost less than 1%, with its market capitalization estimated at around $1.3 trillion. The difference in asset behavior is explained by market depth and liquidity: Bitcoin has a significantly larger trading base, which smooths out extreme fluctuations.
Pressure on the Technology Sector
The SpaceX decline coincided with a broader correction in technology stocks. Investors are increasingly questioning the return on massive spending on artificial intelligence. This factor is important for the crypto market, as interest in AI and high-risk assets has supported the recovery of cryptocurrencies in recent weeks.
An opposing factor is oil. Amid progress in Middle East negotiations, Washington granted Iran a 60-day license to resume exports, sending Brent crude below $78 per barrel. Cheaper oil reduces inflationary pressure and could soften the Fed's hawkish stance, which would be a supportive factor for risky assets, including Bitcoin.
Financial Context: Losses and Acquisitions
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 more profitable: 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 with an operating loss of $6.36 billion.
Starlink remains the most profitable part of the business: the Connectivity segment brought in $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—the company Anysphere—for $60 billion in an all-stock deal. This structure does not require cash outlays but dilutes existing shareholders' stakes by approximately 3.4% of SpaceX's valuation at the time of the stock market listing.
Analytical Conclusion: The three-day collapse of SpaceX demonstrates the fragility of valuations for companies whose worth heavily depends on expectations around AI. Bitcoin, on the other hand, confirms its status as a more mature and liquid asset capable of withstanding external shocks. However, in the long term, both markets remain hostages to the macroeconomic environment and investor sentiment toward risky investments.