SPCX Drops 16% Despite SpaceX Landing $6.3B AI Compute Deal
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SpaceX shares plunged 16.5% despite securing a $6.3B AI compute deal with Reflection AI that includes $150M monthly payments through 2029, sending the stock below $155 and more than 31% off its $225.64 high. The three-day selloff erased roughly $928B of market value since the June 16 peak and knocked about $300B off Elon Musk’s paper wealth, a shock that could weigh on broader tech and crypto/DeFi market sentiment despite the large fundraising-style agreement.
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- SpaceX (SPCX) plunged 16.5% despite the firm securing a $6.3B AI compute deal.
- Reflection AI will pay SpaceX $150M monthly through 2029 as part of the deal.
- SpaceX lost over $928B in value from its June 16 peak, while Musk lost $300B.
SpaceX shares continued their slide on Monday despite a new multi-billion-dollar AI computing agreement with startup Reflection AI.
SPCX fell 16.5% during the session, extending a three-day selloff that has erased roughly $928 billion in market value from the company’s June 16 peak. The stock dropped below $155, down more than 31% from its high of $225.64 and below its debut closing price of $160.
Investor Peter Schiff noted that the decline wiped out around $150 billion from Elon Musk’s paper wealth in a single day. Even after losing more than $300 billion over three sessions, Musk remains the world’s only trillionaire with an est…
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