SpaceX’s market capitalization dropped by over $600 billion in just three trading sessions, nearly half of Bitcoin’s market value, according to CoinDesk.
On June 22, Elon Musk’s company’s shares fell 16% to $154.60, the lowest since June 12, when SpaceX went public. The sell-off began after reports of the firm’s plans to conduct its first public issuance of $20 billion in investment bonds. The funds are primarily intended to refinance a bridge loan related to the acquisition of xAI, due in September 2027.
Over three sessions, SpaceX’s stock dropped about 23%. A week earlier, the company’s valuation was close to $2.5 trillion, but after the sell-off, it fell slightly above $2 trillion.
CoinDesk noted that the dynamics could be influenced by the low volume of freely traded shares. With a limited number of shares available, even isolated news can significantly impact stock prices.
On Hyperliquid, SpaceX’s perpetual contract fell another 15% on Tuesday, reaching approximately $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. Against this backdrop, SpaceX’s three-day decline was comparable to nearly half of BTC’s market value.
At the time of writing, the total market value was $1.25 trillion.
CoinDesk attributed Bitcoin’s resilience to the market’s greater depth and liquidity. However, the publication noted that both assets depend on overall risk appetite, 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 return on large tech companies’ AI investments. This factor is significant for the crypto market, as interest in artificial intelligence and high-risk assets has supported the recent recovery of cryptocurrencies.
Conversely, oil remains a counterbalancing factor. Amid progress in Middle East conflict resolution talks, Washington granted Iran a 60-day license to resume oil exports. Following this news, Brent closed below $78 per barrel.
Cheaper oil reduces inflationary pressure, which has kept the Federal Reserve’s stance firm. For risky assets, including Bitcoin, this could be a supportive factor.
Financial Context
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 consolidating xAI, the company was closer to profitability, earning $791 million in net profit in 2024.
The AI segment has become the main source of pressure on the figures. In 2025, xAI generated $3.20 billion in revenue and $6.36 billion in operating losses.
Against this backdrop, Starlink remains the most profitable part of the business. In SpaceX’s reports, it is listed as Connectivity: in 2025, the segment generated $11.39 billion in revenue and $4.42 billion in operating income.
However, an additional pressure factor was the deal with Anysphere, the developer of the AI assistant Cursor. On June 16, SpaceX announced the acquisition of the company for $60 billion in an all-stock deal.
This structure does not require cash or IPO funds but dilutes existing shareholders’ stakes. Industry publications estimate the potential dilution at about 3.4% of SpaceX’s valuation at the time of its IPO.
Previously, ForkLog’s editorial team discussed in the “Deconstruction” podcast how Elon Musk’s company’s entry into the public securities market could impact the crypto industry and digital currency prices.
