SpaceX’s stock has lost more than $600 billion in market value over three trading days, nearly half of bitcoin’s $1.3 trillion market cap, after announcing its first bond sale.
Bitcoin fell less than 1% over the same stretch, holding close to $63,600 per CoinDesk data.
The stock fell 16% on Monday to $154.60, its lowest since its June 12 debut, taking its three-day decline to about 23%. The trigger was reportedly a plan to sell at least $20 billion of bonds, the company’s first-ever borrowing in the debt markets, to fund the artificial intelligence build it undertook when it bought Elon Musk’s xAI in February.
SpaceX chose to borrow rather than issue new stock, which would have diluted existing owners. A week ago it was worth nearly $2.5 trillion, briefly surpassing Amazon and Microsoft, but is now just above $2 trillion.
The sell-off ran into Tuesday with a perpetual futures contract tracking 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 portion of its stock is available for trading, so every move is amplified, and the 16% drop in a single session on a single headline reflects that thinness.
