SpaceX’s $600B Slide Highlights Shock Scale—Almost Half of Bitcoin’s Market Cap

The newly listed company wiped out value equivalent to nearly half of bitcoin’s total market capitalization in just three trading sessions after unveiling its first bond sale. In contrast, bitcoin slipped less than 1% over the same period, highlighting its relative resilience.

SpaceX has shed more than $600 billion in market value in three days—roughly half of bitcoin’s $1.3 trillion capitalization—after announcing plans to raise at least $20 billion through its debut bond offering.

Bitcoin held near $63,600 during the stretch, down less than 1%, according to CoinDesk data.

Shares of SpaceX fell 16% on Monday to $154.60, their lowest level since the company’s June 12 debut, extending the three-day drop to about 23%. The decline followed news that the company would tap debt markets to fund its artificial intelligence expansion after acquiring Elon Musk’s xAI earlier this year.

Instead of issuing new equity and diluting shareholders, SpaceX chose to borrow. Just a week earlier, the company’s valuation had approached $2.5 trillion, briefly surpassing Amazon and Microsoft, but it has since fallen back to just above $2 trillion.

Selling pressure continued into Tuesday, with a perpetual futures contract tracking SpaceX on Hyperliquid dropping another 15% to around $151.

Part of the sharp move reflects structural dynamics. With a relatively limited float, SpaceX’s stock is more prone to amplified price swings, making it highly sensitive to major headlines such as the bond issuance.

Bitcoin, by contrast, benefits from deeper liquidity, allowing it to absorb similar macro pressures with far less volatility.

Both assets, however, remain influenced by the same broader market forces. The Nasdaq fell 1.3% as investors questioned whether massive AI spending by major technology firms will deliver sufficient returns, dragging down shares of Alphabet and Amazon.

That same AI-driven risk appetite has supported crypto markets in recent weeks, meaning sustained weakness in tech could eventually weigh on bitcoin. So far, however, the selling pressure has remained concentrated in equities.

Meanwhile, 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 slipped below $78 per barrel.

Lower oil prices help ease inflation pressures that have kept the Federal Reserve hawkish, offering a gradual tailwind for risk assets, including bitcoin.

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

Despite its reputation for volatility, bitcoin has remained relatively stable, while the newly public megacap stock has swung sharply, losing around 23% in just three days.