Since announcing its first bond sale, SpaceX stock has lost more than $600 billion in market cap in three business days, nearly half of Bitcoin’s $1.3 trillion market cap.
Bitcoin fell less than 1% over the same period and remained near $63,600, according to CoinDesk data.
Shares fell 16% on Monday to $154.60, the lowest since going public on June 12, and a three-day decline of about 23%. The trigger was the company’s plan to sell at least $20 billion in bonds, the first it borrowed in the bond market, to fund the artificial intelligence build-up it began when it acquired Elon Musk’s xAI in February.
Rather than issue new stock, SpaceX chose to borrow money, which would dilute existing holders. A week ago it was worth nearly $2.5 trillion, briefly overtaking Amazon and Microsoft, but it is now worth just over $2 trillion.
The sell-off continued into Tuesday, with the perpetual futures contract tracking SpaceX on HyperLiquid falling another 15% to about $151.
Part of movement is structure. SpaceX trades as a float, meaning only a small portion of the stock can be traded, so each move is amplified, and the one-session 16% drop on a single headline reflects that thinness.
