SpaceX Loses $600B in 3 Days While Bitcoin Holds Steady Below 1% Drop
SpaceX's stock has lost over $600 billion in market value over three trading days, a decline of about 23%, after announcing its first bond sale to fund AI expansion linked to its xAI acquisition. The sharp drop reflects SpaceX's thin trading float and broader investor doubts about massive AI spending by big tech. In contrast, bitcoin fell less than 1% over the same period, holding near $63,600. Bitcoin remains rangebound, pulled between waning AI-driven risk appetite and easing inflation pressures from cheaper oil due to progress in U.S.-Iran talks. SpaceX's market cap, once nearly $2.5 trillion, now sits just above $2 trillion. The company chose debt over equity to avoid dilution, but the thin float amplified the sell-off. Meanwhile, bitcoin's deeper liquidity helped it absorb the same backdrop with minimal movement. The divergence highlights bitcoin's resilience amid AI-related market wobbles, even as macroeconomic factors like oil prices provide a tailwind for risk assets.
Key facts
- SpaceX lost $600B in market cap (23%) over three days after announcing its first bond sale.
- Bitcoin dropped less than 1% over the same period, holding near $63,600.
- SpaceX's thin trading float amplified its sell-off; bitcoin's deeper liquidity cushioned the impact.
- AI spending doubts dragged SpaceX and tech stocks; easing oil from US-Iran talks supported bitcoin.
- SpaceX chose debt over equity to avoid dilution, but the market reacted negatively to the AI funding plan.