SpaceX Loses $600 Billion in Three Days, Tops Ambani-Adani Wealth Combined

SpaceX lost more than $600 billion in market value over three trading sessions through Monday, a sum nearly three times the combined net worth of India’s two richest billionaires, Mukesh Ambani and Gautam Adani, according to the Bloomberg Billionaires Index. Ambani, the chairman of Reliance Industries, was worth $88.3 billion and Adani, the chairman of the Adani Group, was worth $120 billion as of the same period, the index shows.

The wipeout, the steepest in SpaceX’s ten days as a public company, came as the rocket and satellite company opened a $20 billion investment grade bond sale and disclosed a multibillion dollar computing deal with the AI startup Reflection AI, both moves designed to fund the very artificial intelligence expansion that has become central to its pitch to investors.

Three Days, Six Hundred Billion Dollars

SpaceX shares fell 16% on Monday to close at $154.60, their lowest level since the stock began trading on June 12, pushing the three day loss to 23% and erasing more than $600 billion in market capitalization over that stretch. The company’s value, which briefly touched $2.99 trillion last week, now sits at just over $2 trillion, the Japan Times reported, citing Bloomberg data.

That is roughly $620 billion below the $225.64 peak SpaceX hit on June 16, two trading days after its $75 billion initial public offering, the largest in history, according to Forbes. The decline left SpaceX the world’s seventh largest company by market capitalization, behind Amazon, Microsoft and TSMC, and ahead of Broadcom at $1.8 trillion.

The slide, in numbers:

• $600 billion+: market value erased in three trading sessions
• 23%: total drop from the June 16 peak to Monday’s close
• 4.2%: the share of SpaceX shares actually available to trade on day one of the listing
• $405 million: net retail buying in the first five sessions, per Vanda Research
• $100.8 billion: cash and equivalents on SpaceX’s balance sheet as of June 19

The AI Bet That Just Got a $20 Billion Price Tag

The trigger for Monday’s slide was the very thing that had made SpaceX attractive to investors in the first place. On the same day shares cratered, the company launched its first investment grade bond offering, seeking to raise at least $20 billion, and announced a multibillion dollar agreement to provide computing power to Reflection AI, the Nvidia backed startup that rents capacity in SpaceX’s Colossus data center.

The bond sale, marketed with a Baa1 rating from Moody’s and a BBB from S&P Global Ratings, is meant to fund the company’s expanding AI ambitions, which now include the xAI artificial intelligence lab Musk folded into SpaceX in February. But investors read the size of the raise as a warning sign.

“Wary of the substantial cash required to fund technological ambitions,” Jose Torres, a senior economist at Interactive Brokers, wrote in a note to clients Monday afternoon. The Reflection contract, valued at roughly $6.3 billion through 2029 by Benzinga, only added to the sense that the company is raising money as fast as it can spend it.

The IPO Frenzy That Set Up the Crash

None of the volatility should have been a surprise, given how the IPO was built. SpaceX priced 555.6 million shares at $135 on June 11, raising $75 billion in a deal that drew $350 billion in investor orders and assigned 30% of the offering to retail buyers through brokers like Robinhood, Fidelity and Charles Schwab. The stock opened at $150 the next morning and ran up 19% in its first two full sessions before notching a 4.8% gain on June 16 to peak at $225.64.

By that Tuesday, SpaceX was worth more than Amazon and, briefly, Microsoft. By Monday, it was worth less than both. The setup, a record retail stampede into a stock with a 4.2% public float, is the kind of structure that veteran traders recognize as combustible. Forbes reports that retail investors bought a net $369.8 million in SpaceX over the first three sessions, four times the $88.2 million that went into Nvidia over the same period, citing Vanda Research. In the five sessions through Monday, the cohort bought a net $405 million, more than all the Magnificent Seven tech stocks combined.

How SpaceX stacks up against the megacaps it has been trading places with:

For more on how that IPO was structured to favor insiders, see this Reuters investigation into SpaceX’s pre-IPO screening.

Wall Street Hands Out Its First “Hold”

On Monday, KeyBanc Capital Markets became the first major bank to initiate coverage, handing SpaceX a sector weight rating, the bank’s term for a hold. Analyst Michael Leshock, who leads the firm’s coverage, framed the call as a question of timing rather than thesis.

Sellers are back in control. Anyone in the world who wanted to buy this has bought it already.

Leshock’s note, the first to attach a formal rating to SpaceX since the listing, said the company “possesses significant disruptive growth avenues,” but added that “we believe this is reflected in current valuation and risk/reward appears balanced.” KeyBanc did not set a price target.

Other Wall Street calls have split. Morningstar cut its fair value estimate for SpaceX to $62 from $63, citing “sizable dilution” from the Cursor deal, and warned that even an improved AI revenue case would price the shares at no more than $169. Susquehanna analyst Chris Murphy, in a note published last week, put the chance of a 50% drop in three months at 15%, citing the debut of options trading. Oppenheimer’s Timothy Horan, by contrast, raised his year end target to $250 from $190, arguing the same Cursor deal will pay for itself.

The Cursor Deal That Lit the Fuse

The original spark for the slide was the previous Tuesday’s disclosure that SpaceX would pay $60 billion in stock to acquire Cursor, the AI coding startup whose parent company was last valued at around $1.77 trillion at the IPO price. The deal diluted existing shareholders by roughly 3.4%, a one day move that Morningstar’s Brian Colello called “sizable.”

The acquisition, the first major transaction SpaceX has made as a public company, is the kind of deal that bullish investors read as a sign of management confidence, and skeptical investors read as a sign of management impatience. Both sides have a case. SpaceX reported a $4.9 billion net loss in 2025 and a $4.28 billion loss in the first quarter of 2026, even before the $6.3 billion Reflection contract kicks in on July 1, the company said. The $100.8 billion in cash it disclosed Monday gives it roughly two years of runway at that burn rate, before the bond proceeds arrive.

What SpaceX Is Now Worth

After Monday’s close, SpaceX is still the seventh largest company in the world, with a market value larger than Walmart, Meta or Broadcom. The IPO itself raised a record $75 billion for the company and its pre IPO shareholders, and the stock remains about 15% above its $135 offering price. Elon Musk remains the world’s richest person, ahead of Google cofounder Larry Page at $279.7 billion, Forbes’ estimates show.

But the speed of the reversal is what makes the moment unusual. In three sessions, SpaceX went from the most valuable rocket company in history to one whose valuation is being formally questioned by the first Wall Street analyst to attach a rating. The next test comes Tuesday morning, when shares briefly slipped to $149 in early trading, below the $150 debut price, before paring losses to about $156. NBC News reported that the average investor who bought SpaceX on the open market after its debut had seen most of their gains erased by Monday’s close.