SpaceX’s capitalization has been reduced by more than $600 billion in three trading sessions - nearly half the market value of Bitcoin. The company’s stock fell 16% on June 22 to $154.60, and the cumulative decline over the period was around 23%. The sale began after reports of SpaceX’s plans to issue $20 billion in investment bonds to refinance the loan bridge associated with the xAI purchase. The low volume of shares in free circulation could increase volatility in quotes.

The company’s financial performance also puts pressure on investors: according to S-1 documents, SpaceX received a net loss of $4.94 billion for 2025 and $4.28 billion for the first quarter of 2026. The main source of losses was xAI segment with an operating loss of $6.36 billion, while Starlink remains the most profitable part of the business. An additional factor was the deal to purchase AI developer assistant Cursor for $60 billion in shares, which dilutes existing shareholders' stakes by about 3.4%.

As the technology sector adjusted, Bitcoin showed relative resilience, losing less than 1% and retaining around $1.25 trillion in capital. Analysts attribute this to the deeper and more liquid crypto market. And both assets depend on a shared appetite for risk, which is now under pressure from doubts about the payoff of large-scale AI investments.