SpaceX Wavers Near $2 Trillion Market Cap After 3-Day Rout | Bloomberg Tech 6/23/2026

Stock plummets below IPO price amid volatility

SpaceX shares dropped over $600 billion in market cap across three days of trading, briefly falling below the $150 June 12 debut price before recovering slightly off session lows.

Investment-grade bond sale defies cash burn

The company secured $30 billion in demand for a $20 billion bond offering, achieving an investment-grade rating despite reporting negative free cash flow and plans to continue burning cash for AI and satellite expansion.

Recurring revenue justifies credit rating

Analysts and bankers cited Starlink's recurring revenue streams and SpaceX's critical role in U.S. space programs as rationale for the unusual investment-grade status typically reserved for utility-like cash flows.

Volatility expected ahead of lockup expiry

With only 5% of shares currently float and employee lockup periods still in effect, traders anticipate continued volatility leading into the company's Nasdaq 100 inclusion next month and first earnings report.

KOSPI enters correction on chip demand fears

South Korea's KOSPI benchmark, the world's best-performing index year-to-date, entered correction territory overnight led by SK Hynix and Samsung declines amid reports of potential AI chip order pullbacks.

Nasdaq 100 drops 2.6% on sustainability doubts

U.S. tech stocks sold off sharply as investors questioned the durability of the AI hardware trade and whether semiconductor companies can achieve gross margin expansion amid massive capital expenditures.

Memory stocks lead U.S. declines

Micron Technology, Lam Research, and other memory names dragged markets lower following reports that SK Hynix may shift capacity from AI chips back to traditional DRAM products.

Strategists cite valuation bubble in hardware

Market strategists attributed the volatility to triple-digit price gains creating a 'helium' bubble in chip stocks rather than fundamental concerns about AI's long-term durability.

Siemens deploys AI agents with 50% productivity gains

CEO Roland Busch demonstrated real-world industrial AI applications where autonomous agents analyze malfunctioning cutting machines and rewrite programming code automatically, achieving 50% higher productivity.

$30 billion software investment underpins strategy

Siemens invested $30 billion over 15 years building a comprehensive physics-based digital twin software suite generating €9.4 billion in annual digital revenue, with plans to double by 2030.

Zero-hallucination requirement drives trust model

Unlike consumer chatbots, industrial AI requires absolute precision where 'hallucination is not an option,' necessitating trusted partnerships and physics-based simulation before physical deployment.

AI factories emerge as fastest-growing market

The company identified AI data centers and factories as the hottest markets, with accelerating adoption across semiconductors, pharmaceuticals, aerospace, and automotive sectors seeking manufacturing flexibility.

Qualcomm pursues $4 billion Modular acquisition

Qualcomm is in advanced talks to acquire AI inference software startup Modular for approximately $4 billion to bolster its enterprise AI deployment capabilities and compete with NVIDIA and Groq.

Oracle cuts 21,000 jobs via AI automation

Oracle disclosed eliminating 21,000 positions over the past year as AI deployment across operations reduced workforce needs, even as the company faces financial pressure from massive data center buildout costs.

SoftBank rejects orbital data center vision

SoftBank dismissed Elon Musk's vision for space-based data centers as economically unviable, announcing plans to focus terrestrial data center capacity expansion instead.

Menlo Ventures raises record $3 billion fund

Despite public market volatility in AI stocks, Menlo Ventures closed its largest fundraise in firm history at $3 billion to continue backing AI startups.