SpaceX Burns $600B in 3 Days; Bitcoin Bareby Noticed 🪙

SpaceX (SPCX) shares fell roughly 16% on June 22 to close at $154.60, the lowest level since the company's June 12 Nasdaq debut, after the firm filed with the U.S. Securities and Exchange Commission for its first-ever bond offering. Over three trading sessions, the newly public company shed more than $600 billion of market value, about 23%, bringing its valuation to just above $2 trillion from nearly $2.5 trillion a week earlier. Bloomberg reported the senior unsecured notes sale targets at least $20 billion, with Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley managing the deal. Both Fitch and Moody's assigned investment-grade ratings to the proposed notes, citing Starlink's recurring revenue and SpaceX's dominant launch position.

The proceeds are earmarked to repay a bridge loan the company took earlier this year when it acquired Elon Musk's xAI startup in February. Jose Torres, senior economist at Interactive Brokers, told clients investors are "wary of the substantial cash required to fund technological ambitions." S&P Global projects negative free cash flow through 2029, citing ongoing Starship and AI capital requirements, and SpaceX disclosed $100.8 billion in cash as of June 19.

Selling extended into June 23, with a perpetual futures contract tracking SPCX on Hyperliquid down another 15% to around $151. Jeff Jacobson, strategist at 22V Research, estimated insiders could sell up to 44% of SpaceX shares by early September as lockups expire, expanding the tradable float by approximately 900%. A $60 billion Cursor acquisition also added to dilution pressure.

The Nasdaq fell 1.3% on the same session as Alphabet and Amazon slid, reflecting broader investor doubts about the scale of AI spending by large technology firms. That same AI-linked risk appetite has supported crypto's recovery this month, raising the stakes if that bid fades. Bitcoin BTC $62,080.85, against a backdrop where SpaceX erased a figure nearly half of its $1.3 trillion market capitalization, held near $63,600 with a decline of less than 1% over the same three-day stretch, per CoinDesk data.

SpaceX's first public earnings report is scheduled for August 6 and may determine whether investment-grade fundamentals and Starlink's recurring revenue steady sentiment.