Global Tech Selloff Pulls SpaceX Below Its IPO Price as Crypto Slides
A worldwide selloff in AI and chip stocks dragged SpaceX below its June IPO price and pushed its valuation under $2 trillion on June 23, while bitcoin, ether, and EAT fell alongside equities.
Global Tech Selloff Pulls SpaceX Below Its IPO Price as Crypto Slides A worldwide selloff in AI and chip stocks dragged SpaceX below its June IPO price and pushed its valuation under $2 trillion on June 23, while bitcoin, ether, and EAT fell alongside equities. Aaron Rafferty June 23, 2026 Key Takeaways A global selloff in AI and chip stocks on June 23 pulled all seven megacap tech names lower and dropped SpaceX $SPCX ( ▲ 6.5% ) below its June IPO debut price, cutting its valuation below $2 trillion. The slide deepened after SpaceX announced a roughly $20 billion bond offering, two weeks after its $85 billion public debut, and as oil rose on renewed Strait of Hormuz tension. Crypto fell with equities, with bitcoin and ether lower and EAT, a Base-network token, tracking ether almost exactly through the session. Markets sold off around the world on Tuesday, June 23, as renewed doubts about AI valuations hit the largest chip and technology stocks, according to NBC News . All seven of the so-called magnificent seven names traded lower in the premarket, and SpaceX fell below the roughly $150 price of its June debut. The selling in SpaceX accelerated after the company announced an inaugural bond offering that could raise about $20 billion, on top of the $85 billion it raised at its listing two weeks earlier, pulling its valuation under $2 trillion . SpaceX listed in June near a $1.77 trillion valuation, close to 95 times its 2025 revenue, and has now given back much of its post-debut gain. Alphabet had its worst single day in a year after a wave of AI-talent departures. Crypto did not sit it out. Bitcoin $BTC ( ▼ 3.47% ) and ether both traded lower as risk assets fell together, and on CoinGecko data, EAT, a Base-network token, moved nearly in lockstep with ether $ETH ( ▼ 4.81