SpaceX shares have lost more than $600 billion in market value in three trading days, representing nearly half of bitcoin’s $1.3 trillion market capitalization, after announcing its first bond sale.
bitcoin fell less than 1% in the same stretch, remaining near $63,600, according to data from CoinDesk.
The stock fell 16% on Monday to $154.60, its lowest level since its June 12 debut, bringing its three-day decline to about 23%. The trigger was allegedly a plan to sell at least $20 billion in bonds, the first time the company has borrowed in debt markets, to finance the artificial intelligence development it undertook when it bought xAI from Elon Musk in February.
SpaceX chose to borrow rather than issue new shares, which would have diluted existing holders. A week ago it was worth almost $2.5 trillion and had briefly surpassed Amazon and Microsoft, but now it sits just above $2 trillion.
The selling continued on Tuesday, with a perpetual futures contract tracking SpaceX on Hyperliquid falling another 15% to around $151.
Part of movement is structure. SpaceX trades on a thin float, meaning only a small portion of its shares are available for trading, so every move is amplified and the 16% drop in a single session on a single headline reflects that thinness.
