SpaceX's $600 Billion Plunge Wipes Out Nearly Half of Bitcoin's Market Cap

SpaceX's market value plummeted by $600 billion over three days, an amount that's roughly equivalent to nearly half of Bitcoin's entire market capitalization. The company's stock took a hit after announcing its first bond sale to fund AI expansion tied to the xAI acquisition.

The decline in SpaceX's market value was triggered by a plan to sell at least $20 billion of bonds, which will be used to fund the artificial-intelligence buildout. This move sparked concerns among investors about the enormous sums big technology firms are spending on AI and whether it will pay off.

Bitcoin, on the other hand, remained relatively stable during this period, falling less than 1% in value. The cryptocurrency's market capitalization is around $1.3 trillion.