After SpaceX announced its initial bond sale, the newly public company lost close to half of Bitcoin's entire market value over three trading sessions, while Bitcoin itself experienced a minor decline of less than 1%.
By Shaurya Malwa|Edited by Omkar Godbole Jun 23, 2026, 6:23 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SpaceX's stock experiences a significant drop. (Official SpaceX Photos/flickr)SummaryShow- Over three days, SpaceX's market value plummeted by more than $600 billion, approximately 23%, following the announcement of its inaugural bond sale aimed at financing AI development linked to its xAI acquisition.
- This steep decline highlights investor skepticism regarding substantial AI investments by major tech companies, despite Bitcoin remaining stable around $63,600 with a minimal decline of less than 1%.
- Bitcoin is currently caught in a range, influenced by fluctuating risk appetites related to AI and decreasing inflation pressures due to lower oil prices associated with ongoing U.S.-Iran negotiations.
SpaceX's stock has seen a staggering drop of over $600 billion in market capitalization over just three trading days, representing nearly half of Bitcoin's $1.3 trillion market cap, following the company's announcement of its first bond sale.
According to CoinDesk data, Bitcoin's value decreased by less than 1% in the same timeframe, remaining close to $63,600.
On Monday, SpaceX's stock fell 16% to $154.60, marking its lowest point since debuting on June 12, which brings its total decline over three days to around 23%. The catalyst for this drop appears to be the company's plan to issue at least $20 billion in bonds—their first venture into debt financing—to support the expansion of artificial intelligence initiated with the acquisition of Elon Musk's xAI in February.
Instead of opting to issue new shares, which could dilute existing shareholders, SpaceX chose to borrow funds. Just a week prior, the company was valued at nearly $2.5 trillion and had briefly outperformed tech giants Amazon and Microsoft, but it now stands at just over $2 trillion.
Trading continued to decline on Tuesday, with a perpetual futures contract tracking SpaceX dropping another 15% to approximately $151.
The nature of SpaceX's trading contributes to this volatility, as it operates on a thin trading float, meaning only a small portion of its shares are available for trading. Consequently, any movement in stock price is amplified, and the 16% drop in a single session reflects this characteristic.
Conversely, Bitcoin's market is significantly deeper and more liquid, allowing it to withstand the same market pressures more effectively.
The factors affecting both assets are interconnected. Alongside SpaceX's decline, the Nasdaq composite index fell by 1.3% as investors raised concerns about the viability of massive AI expenditures by leading tech firms, leading to declines in stocks like Alphabet and Amazon.
The fluctuations in AI-related investor sentiment have previously supported crypto's recent recovery, so any further deterioration in this sentiment could negatively impact Bitcoin's support level. Up to this point, the selling pressure has been largely confined to stocks.
In contrast, a positive factor for Bitcoin is the ongoing U.S.-Iran negotiations, which are progressing, allowing Iran to resume oil sales under a 60-day license issued by Washington. As a result, Brent crude prices have settled below $78 per barrel.
Lower oil prices help alleviate inflationary pressures that have kept the Federal Reserve's stance aggressive, providing a gradual boost for risk assets like Bitcoin.
Currently, Bitcoin remains within a narrow trading range, balancing between the instability of AI-driven trading and the easing conditions in the oil market.
Despite being discussed as a speculative asset this year, it was SpaceX's stock that experienced a dramatic 23% fluctuation over three days while Bitcoin maintained its relative stability.