SpaceX’s market value has fallen by more than $600 billion in three trading sessions, a reversal that has tested investor confidence in one of the year’s biggest public listings and drawn a sharp contrast with bitcoin’s steadier performance under the same market pressure.

Shares of the Elon Musk-led space and technology group extended their decline after the company moved into the bond market for the first time as a public company, seeking longer-term funding only days after a record-setting initial public offering. The sell-off left SpaceX trading below a $2 trillion valuation, after briefly approaching the $3 trillion mark during a post-listing surge.

The decline was striking in scale. The value erased from SpaceX was close to half of bitcoin’s roughly $1.3 trillion market capitalisation, yet bitcoin slipped by less than 1 per cent over the same stretch, holding near the low-$60,000 range. The comparison underscored how a company once treated by investors as a scarcity asset with exposure to rockets, satellites, artificial intelligence and defence-linked infrastructure was suddenly repriced more aggressively than the world’s largest cryptocurrency.

SpaceX shares had rallied sharply after their June 12 listing, helped by strong demand from retail and institutional investors seeking exposure to Starlink, Starship, defence contracts and Musk’s broader technology ecosystem. The IPO raised about $85.7 billion, making it one of the largest public offerings on record. The shares were priced at $135 and later climbed above $210 before the three-day retreat pulled them back towards the $150 level.

The immediate pressure followed plans for a senior unsecured notes offering, with proceeds expected to be used for general corporate purposes and repayment of bridge financing. The move unsettled investors because it came soon after the IPO and against a backdrop of heavy spending across Starship development, satellite networks, artificial intelligence infrastructure and related data-centre capacity.

SpaceX reported more than $100 billion in cash shortly before the bond sale, but the company is also carrying substantial funding needs tied to its expansion plans. It has been investing heavily in next-generation launch systems, satellite broadband, defence-related space services and computing infrastructure linked to artificial intelligence. That combination has created a debate over whether the company’s valuation reflects a realistic growth path or assumes near-perfect execution across several capital-intensive businesses.

The market reaction was also shaped by wider weakness in high-growth technology shares. Investors have become more cautious about companies whose valuations rely on long-dated earnings and large infrastructure spending. Expectations of tighter financial conditions in the United States added to pressure on richly valued equities, particularly firms associated with artificial intelligence and advanced computing.

SpaceX remains one of the world’s most valuable listed companies despite the decline. Its supporters argue that the company has unusually strong strategic assets, including reusable rocket technology, a dominant private launch business, Starlink’s global communications network and expanding government demand for space-based services. Its role in military, commercial and scientific launches gives it a market position that rivals would struggle to replicate quickly.

The sceptical view focuses on valuation, debt and execution risk. SpaceX generated revenue of about $18.7 billion last year but remained loss-making after heavy investment. Analysts have questioned whether its public-market valuation has moved too far ahead of operating earnings, particularly as investors assign high expectations to businesses that are still being built or scaled.

Musk retains overwhelming voting control through a dual-class share structure, a factor that has reassured some investors about strategic continuity while raising governance concerns among others. The company’s integration of artificial intelligence ventures and its links to other Musk-led businesses have also drawn scrutiny from investors trying to assess capital allocation and related-party exposure.