SpaceX’s $600 billion plunge erased equivalent of nearly half of bitcoin’s market cap in 3 days
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- SpaceX shed more than $600 billion in market value over three trading days (~23%), triggered by plans to sell at least $20 billion in bonds—its first debt issuance—to fund AI expansion tied to its xAI acquisition
- SpaceX stock dropped 16% on Monday to $154.60, its lowest since the June 12 debut, with perpetual futures on Hyperliquid falling another 15% to ~$151 on Tuesday; a week ago the company was worth ~$2.5 trillion and had briefly surpassed Amazon and Microsoft
- SpaceX chose borrowing over issuing new shares to avoid diluting existing holders, and its thin trading float amplified each price move
- Bitcoin held near $63,600 with less than a 1% decline over the same week, its deeper liquidity letting it absorb the same AI-risk backdrop in stride
- Nasdaq fell 1.3% on Monday as investors questioned AI spending by big tech, with Alphabet and Amazon also sliding—signaling cracks in the AI-driven risk appetite that has supported crypto's recovery this month
- U.S.-Iran peace talks advanced with Washington issuing a 60-day license allowing Iran to sell oil, pushing Brent crude below $78 a barrel and easing inflationary pressure—a slow tailwind for risk assets including bitcoin
Why it matters: SpaceX's $600 billion, three-day wipeout—nearly half of Bitcoin's $1.3 trillion market cap—shows how thin floats in newly public megacaps can turn a single bond-sale headline into a market-moving event, while Bitcoin's deeper liquidity kept it nearly flat. The same AI-spending doubts pulling Nasdaq down 1.3% lifted Alphabet and Amazon sellers, exposing that the AI-risk appetite supporting crypto this month is the very trade now cracking beneath megacap tech.
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