SpaceX's market cap fell by over $600 billion in three days, nearly half of Bitcoin's value, following plans for a $20 billion bond offering.
SpaceX experienced a staggering decline of over $600 billion in market capitalization within just three trading days, a drop nearly equivalent to half of Bitcoin's overall market value. This significant downturn comes after the company revealed plans to initiate a $20 billion public offering of investment bonds, primarily aimed at refinancing a bridge loan related to its acquisition of xAI, due in September 2027.
On June 22, shares of SpaceX fell by 16% to $154.60, marking the lowest price since the company's public debut on June 12. Overall, the stock plummeted approximately 23% over the three-day period, reducing its valuation from nearly $2.5 trillion to just above $2 trillion.
Market analysts suggest that the limited availability of shares for trading may have exacerbated the stock's volatility, as minor news can have a disproportionate effect on prices. Additionally, the perpetual contract for SpaceX shares dropped another 15% to around $151 on Tuesday.
In contrast, Bitcoin's market remained relatively stable, losing less than 1% during the same timeframe and trading around $63,600, with a market cap estimated at approximately $1.3 trillion. This juxtaposition highlights the drastic impact of SpaceX's decline, which was nearly half of Bitcoin's market cap.
The tech sector as a whole is facing pressures, with investor skepticism surrounding the profitability of substantial investments in artificial intelligence by major tech companies. This uncertainty has implications for the crypto market, as heightened interest in AI and high-risk assets has previously supported cryptocurrency recoveries.
Oil Market Influence
Compounding these challenges, the oil market is experiencing shifts, particularly following the U.S. granting Iran a 60-day license to resume oil exports amidst ongoing Middle Eastern conflicts. As a result, Brent crude prices have fallen below $78 per barrel, potentially easing inflationary pressures that have kept the Federal Reserve in a hawkish position, which could indirectly support risk assets like Bitcoin.
SpaceX's Financial Health
Financial disclosures indicate that SpaceX reported a net loss of $4.94 billion for 2025 and $4.28 billion in the first quarter of 2026. Prior to the consolidation of xAI, the company was approaching profitability, with a net income of $791 million in 2024. However, the AI segment has emerged as a significant financial burden, with xAI generating $3.20 billion in revenue but incurring $6.36 billion in operating losses in 2025.
Starlink, however, remains a bright spot for SpaceX, being its most profitable division. In 2025, the Connectivity segment generated $11.39 billion in revenue and $4.42 billion in operating income. Furthermore, the recent acquisition of Anysphere, a developer of the AI assistant Cursor, for $60 billion in stock could dilute existing shareholders' stakes by approximately 3.4% without requiring a cash outlay or IPO funds.
Industry observers continue to discuss how SpaceX's entry into the public securities market might influence the broader crypto industry and digital currency prices, as highlighted in a recent podcast episode.
