SpaceX Plummets to $2 Trillion Market Value Amid Bond Sale Concerns

SpaceX, the megastock founded by Elon Musk, saw its market value plummet to nearly $2 trillion after announcing a bond sale. This decline is equivalent to almost half of Bitcoin's entire market capitalization of $1.3 trillion.

The price drop was triggered when SpaceX announced plans to sell at least $20 billion in bonds to fund the acquisition and expansion of its AI infrastructure, which it took on when it acquired xAI in February.

Investors interpreted this move as a sign that SpaceX's AI expansion may not be generating returns that justify its premium valuation. The company's stock price dropped by 23% over three trading sessions, reaching an all-time low of $154.60 since its June 12 Nasdaq debut.

Binance noted that Bitcoin's market performance was significantly different from SpaceX's during this period, with the cryptocurrency experiencing a less-than-1% drop while holding near $63,600.