SpaceX’s stock has lost more than $600 billion in market value over three trading days, which is nearly half of bitcoin’s $1.3 trillion market cap, after announcing its first bond sale.
Bitcoin
The stock dropped 16% on Monday to $154.60, its lowest since its June 12 debut, taking its three-day decline to about 23%. The trigger was supposedly a plan to sell at least $20 billion of bonds, the company’s first time borrowing in the debt markets, to fund the artificial-intelligence buildout it took on when it bought Elon Musk’s xAI in February.
SpaceX chose to borrow rather than issue new shares, which would have diluted existing holders. A week ago it, was worth nearly $2.5 trillion and had briefly passed Amazon and Microsoft but now sits just above $2 trillion.
The selling ran into Tuesday, with a perpetual futures contract that tracks SpaceX on Hyperliquid down another 15% to around $151.
Part of the move is structure. SpaceX trades on a thin float, meaning only a small share of its stock is available to trade, so each move is amplified and the 16% single-session drop on a single headline reflects that thinness.
