Key Takeaways
A global selloff in AI and chip stocks on June 23 pulled all seven megacap tech names lower and dropped SpaceX $SPCX ( ▲ 2.59% ) 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 ( ▲ 0.07% ) 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 ( ▼ 0.0% ) through the session, EAT near $0.00018 and ether near $1,737, both off less than a percent and posting almost identical declines.
The trigger underneath the tape is an old question asked in a new way. Analysts have begun comparing 2026 to 1999, warning that a market priced for permanent upside treats merely meeting expectations as a disappointment, and that fear is colliding with rising oil prices and renewed Middle East conflict.
None of this changes the slower story underneath the price chart. While valuations wobble, the rails keep getting built, from regulators sorting which crypto assets are not securities to the case that tokenization is where the internet was in 1996. The price chart and the infrastructure chart do not always point the same direction, and this week they pointed apart. Worth watching whether this is a repricing or the start of something larger.
People Also Ask
Why are tech stocks selling off in June 2026?
Renewed fears that AI and chip valuations have run too far, amplified by a SpaceX bond offering, weak chip-sector sentiment, and rising oil prices tied to Middle East conflict.
Did SpaceX fall below its IPO price?
Yes. On June 23 SpaceX traded below its roughly $150 June debut price, pushing its valuation under $2 trillion.
How did crypto react to the stock selloff?
Bitcoin and ether fell alongside equities as risk assets dropped together, with EAT tracking ether closely on the session, per CoinGecko.
Is this an AI bubble?
Some analysts compare 2026 to 1999 and warn of stretched valuations, while others call the pullback a buying opportunity. The market has not settled the question.
Sources
CoinGecko (price data)