SpaceX Valuation Crash Wipes Out $600B, Nearly Half of Bitcoin’s Market Cap Vanishes

The newly listed company erased nearly half of bitcoin’s total market value in just three trading sessions following the announcement of its first bond sale. Over the same period, bitcoin declined less than 1%, showing relative stability.

SpaceX’s stock has lost more than $600 billion in market capitalization over three days—an amount close to half of bitcoin’s roughly $1.3 trillion valuation—after revealing plans for its debut bond issuance.

Bitcoin traded near $63,600 during this stretch, slipping by less than 1%, according to CoinDesk data.

Shares of SpaceX dropped 16% on Monday to $154.60, their lowest level since the company’s June 12 market debut, bringing the three-day decline to around 23%. The sell-off was triggered by plans to raise at least $20 billion through bond sales—its first move into debt markets—to help finance its artificial intelligence expansion following its acquisition of Elon Musk’s xAI earlier this year.

The company opted to raise funds through debt instead of issuing new equity, avoiding dilution for existing shareholders. Just a week earlier, SpaceX’s valuation had approached $2.5 trillion, briefly surpassing both Amazon and Microsoft, but it has since fallen back to just above $2 trillion.

Selling pressure extended into Tuesday, with a perpetual futures contract tied to SpaceX on Hyperliquid dropping an additional 15% to around $151.

Part of the sharp move reflects market structure. With a relatively small portion of shares available for trading, SpaceX’s limited float amplifies price swings, making it more sensitive to major headlines such as the bond issuance.

Bitcoin, by contrast, benefits from significantly deeper liquidity, which has helped it absorb similar macro conditions with less volatility.

Both assets, however, remain influenced by the same broader forces. Monday’s decline was not isolated to SpaceX, as the Nasdaq fell 1.3% amid growing concerns over whether heavy spending on artificial intelligence by major tech firms will generate sufficient returns. Shares of Alphabet and Amazon also moved lower.

This AI-driven risk sentiment has supported crypto markets in recent weeks, meaning any sustained weakness in the tech trade could undermine demand for bitcoin. So far, however, the selling pressure has largely remained confined to equities.

At the same time, easing oil prices are providing a counterbalance. Progress in U.S.-Iran negotiations has led to a 60-day license allowing Iran to resume oil exports, with talks described as constructive. Brent crude has since fallen below $78 per barrel.

Lower oil prices help reduce inflationary pressures that have kept the Federal Reserve in a hawkish stance, offering a gradual tailwind for risk assets, including bitcoin.

As a result, bitcoin continues to trade sideways near the lower end of its monthly range, caught between a weakening AI-driven equity rally and improving macro conditions tied to energy markets.

Despite its reputation as a volatile asset, bitcoin has remained comparatively steady, while the newly public megacap stock experienced a sharp 23% drop in just three days.