SpaceX Loses $600 Billion in Value as Bond Sale Shakes Investor Confidence While Bitcoin Holds Steady
SpaceX has seen a dramatic reversal in market momentum, losing more than $600 billion in valuation over just three trading sessions after announcing plans for its first bond sale.
The decline pushed the company’s market value down from nearly $2.5 trillion to just above $2 trillion, marking a sharp pullback after SpaceX briefly surpassed major technology giants including Amazon and Microsoft in valuation rankings.
Shares fell 16% on Monday to $154.60, the lowest level since the company’s June 12 public debut, extending the three-day decline to roughly 23%. The selloff followed reports that SpaceX plans to raise at least $20 billion through debt markets to support its artificial intelligence expansion after acquiring Elon Musk’s xAI earlier this year.
Rather than issuing additional shares, SpaceX opted for debt financing to avoid diluting existing shareholders. However, the move still triggered concerns among investors about the company’s growing capital needs and the scale of spending required for its AI ambitions.
The pressure continued into Tuesday, with a perpetual futures contract tracking SpaceX on Hyperliquid falling another 15% toward $151.
Part of the volatility comes from SpaceX’s limited trading float. Because only a small portion of the company’s shares are available in the market, price movements can become exaggerated when investor sentiment shifts.
Bitcoin, by comparison, showed far less reaction during the same period. The cryptocurrency slipped less than 1%, trading near the $63,000 range, highlighting the difference between SpaceX’s thinly traded equity market and bitcoin’s deeper global liquidity.
The selloff also reflected broader concerns around the artificial intelligence investment boom. Technology stocks pulled back as investors questioned whether the massive spending by AI-focused companies would generate sufficient returns. The Nasdaq dropped 1.3%, while major technology names including Alphabet and Amazon also faced selling pressure.
That same AI-driven optimism had helped fuel gains across risk assets, including cryptocurrencies. A prolonged slowdown in enthusiasm for AI could weigh on broader market appetite, although bitcoin has so far avoided a major decline.
Meanwhile, easing oil prices provided some support for risk markets. Progress in U.S.-Iran negotiations and renewed expectations of additional oil supply helped push Brent crude below $78 per barrel, reducing some inflation concerns that have influenced Federal Reserve policy.
Lower energy prices could eventually create a more favorable environment for risk assets by reducing pressure on interest rates, offering a potential tailwind for bitcoin.
The contrast between the two assets has been notable: while bitcoin has often been labeled a speculative investment, SpaceX experienced a 23% drop in just three days following a financing announcement.
Market activity has also remained subdued. Total exchange volumes declined 3.45% in May to $4.41 trillion, the lowest level since September 2024. However, real-world asset perpetual futures moved against the broader trend, rising 10.4% to reach a new record high.
For now, bitcoin remains caught between competing forces — uncertainty around the AI trade and improving macroeconomic signals from easing energy prices — while SpaceX investors reassess the company’s next stage of growth.