SpaceX’s $600 billion plunge erased nearly half of bitcoin’s market cap in three days.
The newly public company shed close to half of bitcoin’s entire market value in three sessions after announcing its first bond sale. Bitcoin, absorbing the same backdrop, fell less than 1%.
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Summary
- SpaceX has shed more than $600 billion in market value over three days, or about 23%, after announcing its first-ever bond sale to fund AI expansion tied to its xAI acquisition.
- The sharp drop reflects SpaceX’s thin trading float and broader investor doubts about massive AI spending by big tech, even as bitcoin held near $63,600 with less than a 1% decline.
- Bitcoin remains rangebound as it is pulled between a wobbling AI-driven risk appetite and easing inflation pressures from cheaper oil tied to progress in U.S.-Iran talks.
