SpaceX loses $600bn in three-day rout

June 23, 2026 (MLN): Three trading sessions have wiped roughly $600bn from SpaceX's market capitalization following the company's announcement of its inaugural bond offering a decline that erased value equivalent to nearly half of Bitcoin's entire $1.3tr market cap.

The stock, which debuted on the Nasdaq on June 12, tumbled 16% on Monday alone to close at $154.60 its lowest level since listing extending a three-day cumulative loss to around 23%, according to media reports. 

SpaceX's valuation, which had briefly touched $2.5tr just a week earlier, putting it ahead of both Amazon and Microsoft, has since fallen to just above $2tr.

The selloff was triggered by plans to raise at least $20bn through bonds the company's first foray into debt markets to finance the artificial intelligence infrastructure it inherited when it absorbed Elon Musk's xAI in February.

The decision to pursue debt over a share issuance was intended to shield existing investors from dilution, but markets interpreted the move as a sign of significant capital demands and a growing debt burden, prompting questions over whether the economics of SpaceX's AI push can sustain the premium valuation investors had previously assigned.

Selling extended into Tuesday, with the perpetual futures contract tracking SpaceX on decentralised exchange Hyperliquid declining a further 15% to approximately $151.

It noted that the severity of the moves shows the structure of SpaceX's market as much as any fundamental shift in outlook the stock trades on a thin float, with only a limited portion of total shares available in the open market, meaning sell orders carry disproportionate price impact compared to more liquid counters.

Against this backdrop, Bitcoin proved the steadier asset. The flagship cryptocurrency slipped less than 1% over the same three-day period, holding near $63,600 an irony that was not lost on observers who have spent much of the year casting Bitcoin as the more speculative, volatile of the two.

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