SpaceX's market capitalization plummeted by over $600 billion in just three trading sessions—nearly half of Bitcoin's market value, according to CoinDesk.
Source: CompaniesMarketCap.On June 22, Elon Musk's company saw its stock drop by 16% to $154.60, the lowest since June 12, when SpaceX went public. The sell-off began after reports emerged about the company's plans to conduct its first public offering of investment bonds in dollars worth $20 billion. The funds are primarily intended to refinance a bridge loan related to the acquisition of xAI, which is due in September 2027.
Over the three sessions, SpaceX's stock fell by approximately 23%. Just a week earlier, the company's valuation was nearing $2.5 trillion, but after the sell-off, it dropped to just above $2 trillion.
As noted by CoinDesk, the stock's performance may have been influenced by a low volume of shares available for trading. With a limited number of shares in circulation, even minor news can significantly impact stock prices.
On Hyperliquid, the perpetual contract for SpaceX shares fell another 15% on Tuesday, reaching around $151.
During the same period, Bitcoin lost less than 1% and was trading around $63,600 at the time of CoinDesk's publication. The outlet estimated Bitcoin's market capitalization at approximately $1.3 trillion. In this context, SpaceX's three-day decline in value was comparable to nearly half of Bitcoin's market value.
At the time of writing, the total market cap stood at $1.25 trillion.
Bitcoin Market Capitalization. Source: TradingView.CoinDesk explained that Bitcoin's resilience is attributed to the greater depth and liquidity of its market. However, both assets are influenced by overall risk demand, especially amid investor interest in AI.
Pressure on the Tech Sector
SpaceX's decline coincided with a broader correction in tech stocks. Analysts linked this to investor doubts about the profitability of large tech companies' significant investments in AI. This factor is crucial for the crypto market, as interest in artificial intelligence and high-risk assets has supported the recovery of cryptocurrencies in recent weeks.
On the other hand, oil remains a counterbalancing factor. Amid ongoing negotiations to resolve the conflict in the Middle East, Washington granted Iran a 60-day license to resume oil exports. Following this news, Brent crude closed below $78 per barrel.
Cheaper oil reduces inflationary pressure, which has kept the Federal Reserve in a hawkish stance. This could be a supportive factor for risk assets, including Bitcoin.
Financial Context
According to its 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 consolidating xAI, the company was closer to profitability, earning $791 million in net income in 2024.
The AI segment has become the primary source of pressure on the company's performance. xAI generated $3.20 billion in revenue and incurred $6.36 billion in operating losses in 2025.
In contrast, Starlink remains the most profitable part of the business. In SpaceX's financial reports, it is categorized under Connectivity: in 2025, this segment generated $11.39 billion in revenue and $4.42 billion in operating income.
However, an additional pressure factor arose from the deal with Anysphere, the developer of the AI assistant Cursor. On June 16, SpaceX announced its acquisition of the company for $60 billion in an all-stock deal.
This structure does not require cash outlay or IPO funds but dilutes the shares of existing shareholders. According to industry reports, the potential dilution amounts to about 3.4% of SpaceX's valuation at the time of its public offering.
Earlier, ForkLog discussed in the podcast "Deconstruction" how Elon Musk's company's entry into the public securities market could impact the crypto industry and the prices of digital currencies.