SpaceX stock 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% during the same period, settling at nearly $63,600, according to CoinDesk data.
The stock fell 16% Monday to $154.60, its lowest level since its June 12 debut, bringing its three-day decline to about 23%. The trigger was reportedly a plan to sell at least $20 billion in bonds, the company’s first borrowing from debt markets, to finance the artificial intelligence development it undertook when it bought xAI from Elon Musk in February.
SpaceX chose to borrow rather than issue new shares, which would have diluted existing holders. A week ago it was worth nearly $2.5 trillion and briefly overtook Amazon and Microsoft, but it now sits just above $2 trillion.
The selloff took place on Tuesday, with a perpetual futures contract taking SpaceX down Hyperliquid another 15% to around $151.
Part of movement is structure. SpaceX trades on a thin float, meaning only a small portion of its shares are available for trading, so every move is amplified and the 16% drop in a single session in a single stock reflects that thinness.
