#SpaceX暴跌16%市值蒸发4000亿 SpaceX loses $410 billion in two days—how much longer can the global top ten hold on? SpaceX has been listed for only a week, and its stock has already been on a full rollercoaster. On June 17, it fell 4.95%, and on June 18, it dropped another 5.41%, closing at $181.45. Its market value slid from a peak of $2.8 trillion to $2.39 trillion, erasing about $410 billion in just two days.

The decline comes down to four reasons:

1. The U.S. Federal Reserve suddenly turns hawkish. On June 17, the FOMC dot plot released a strong hawkish signal: among 18 officials, 9 expect at least one rate hike this year. SPCX’s price-to-sales ratio is over 100x—once the discount rate rises, valuation is directly under pressure.

2. Options have launched, and short-selling tools are in place. On June 16, SPCX options saw 1.6 million to 1.8 million contracts traded on the first day, crushing Meta’s record of 364k contracts from the same period. “The Big Short” Michael Burry said he was “tempted,” but ultimately abandoned shorting because options were too expensive.

3. Fundamentals can’t support a $2.5 trillion market cap. In 2025, the company’s net loss is $4.9 billion, and in Q1 2026, it will lose another $4.28 billion. Morningstar’s fair value is only $62 per share—about 70% below the current market price.

4. The “AI godfather” publicly sings the blues for xAI. Yann LeCun has publicly said xAI has “failed to some extent,” with members of the founding team leaving—making it hard for $SPCX Musk to attract top AI talent again.

$2.39 trillion market cap, and still burning money on AI—how much longer can the global top ten last?

If SpaceX drops out of the global top ten, do you think it would drag tech stocks down with it? Let’s talk in the comments.