The newly public company erased an amount of value equal to nearly half of bitcoin’s market capitalization in just three trading sessions after announcing its first-ever bond sale. Over the same period, bitcoin declined less than 1%, underscoring its relative stability.
SpaceX has lost more than $600 billion in market value over three days—roughly half of bitcoin’s $1.3 trillion capitalization—following plans to raise at least $20 billion through its debut bond issuance.
Bitcoin hovered near $63,600 during the period, slipping by less than 1%, according to CoinDesk data.
Shares of SpaceX dropped 16% on Monday to $154.60, the lowest level since its June 12 debut, bringing its three-day decline to approximately 23%. The sell-off was driven by the company’s decision to tap debt markets to fund its artificial intelligence expansion after acquiring Elon Musk’s xAI earlier this year.
Rather than issuing new equity and diluting shareholders, SpaceX opted to borrow. Just a week earlier, its valuation had approached $2.5 trillion, briefly surpassing Amazon and Microsoft, but it has since retreated to just above $2 trillion.
Selling pressure extended into Tuesday, with a perpetual futures contract tracking SpaceX on Hyperliquid falling another 15% to around $151.
Part of the sharp move reflects structural dynamics. With a relatively limited float, SpaceX’s stock is more susceptible to large swings, amplifying reactions to major announcements like the bond sale.
Bitcoin, in contrast, benefits from deeper liquidity, which has helped it absorb similar macro pressures with far less volatility.
Both markets, however, remain influenced by the same broader forces. The Nasdaq fell 1.3% as investors grew cautious about whether heavy AI-related spending by major technology firms will deliver adequate returns, dragging down shares of Alphabet and Amazon.
That same AI-driven risk appetite has supported crypto markets in recent weeks, meaning further weakness in tech could eventually weigh on bitcoin. For now, 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 since slipped below $78 per barrel.
Lower oil prices help ease inflation concerns that have kept the Federal Reserve in a hawkish stance, 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 comparatively steady, while the newly public megacap stock has swung sharply, losing roughly 23% in just three days.
