#spacex市值蒸发1.2万亿美元
NAMES: SpaceX, listed on Nasdaq, has seen its short-term market value evaporate by $1.2 trillion from its historical peak. The stock price has fallen from a high of $225.64 to $113.5, nearly halving, and within just one month of going public it has completely punctured the valuation bubble of “space computing power.”
This round of sharp sell-off was triggered by multiple negative factors converging: first, at the time of listing the price-to-sales ratio was over 90x, and the company continued to post large annual losses, leaving its valuation far detached from its revenue fundamentals. Second, the core narrative hit setbacks: key Starship test flights were halted due to engine failures; Starlink’s only currently profitable business saw user growth slow, revealing a ceiling on growth potential. Third, its AI data center business posted an annual loss exceeding $6 billion, continuously burning cash flow. Fourth, on August 6, a lock-up release of 9.1 billion shares is due. Expectations of heavy selling pressure in the order of one trillion yuan/renminbi ("a trillion-level” selling wave) are prompting institutions to front-run reductions, while short positions keep climbing.
Cross-market transmission is clear: U.S. tech and overseas storage stocks simultaneously sell off to cut valuations. In the short term, this suppresses global risk appetite for the computing-power race. The BTC and ETH computing-power sectors also move in tandem, weakening; however, ChangXin Storage’s 57.9 billion IPO expansion of domestic HBM and DRAM supports a long-term logic of independent and controllable domestic computing power that stands apart from the U.S. stock cycle.
In the next 24 hours, U.S.-listed SpaceX is likely to continue weak and choppy trading. With the unlock/sell-off overhang not yet fully realized, it’s not advisable to bottom-fish. In the mapping to the crypto market, the focus should be on observing—especially for computing-power staking and the BTCFi track in the near term. Wait for the release of sell pressure from U.S. stocks and for signals that domestic storage orders are landing, then consider phased entries. For derivatives, be sure to lower leverage and avoid the risk of wide volatility driven by the synchronized moves of global technology stocks.
NAMES: SpaceX, listed on Nasdaq, has seen its short-term market value evaporate by $1.2 trillion from its historical peak. The stock price has fallen from a high of $225.64 to $113.5, nearly halving, and within just one month of going public it has completely punctured the valuation bubble of “space computing power.”
This round of sharp sell-off was triggered by multiple negative factors converging: first, at the time of listing the price-to-sales ratio was over 90x, and the company continued to post large annual losses, leaving its valuation far detached from its revenue fundamentals. Second, the core narrative hit setbacks: key Starship test flights were halted due to engine failures; Starlink’s only currently profitable business saw user growth slow, revealing a ceiling on growth potential. Third, its AI data center business posted an annual loss exceeding $6 billion, continuously burning cash flow. Fourth, on August 6, a lock-up release of 9.1 billion shares is due. Expectations of heavy selling pressure in the order of one trillion yuan/renminbi ("a trillion-level” selling wave) are prompting institutions to front-run reductions, while short positions keep climbing.
Cross-market transmission is clear: U.S. tech and overseas storage stocks simultaneously sell off to cut valuations. In the short term, this suppresses global risk appetite for the computing-power race. The BTC and ETH computing-power sectors also move in tandem, weakening; however, ChangXin Storage’s 57.9 billion IPO expansion of domestic HBM and DRAM supports a long-term logic of independent and controllable domestic computing power that stands apart from the U.S. stock cycle.
In the next 24 hours, U.S.-listed SpaceX is likely to continue weak and choppy trading. With the unlock/sell-off overhang not yet fully realized, it’s not advisable to bottom-fish. In the mapping to the crypto market, the focus should be on observing—especially for computing-power staking and the BTCFi track in the near term. Wait for the release of sell pressure from U.S. stocks and for signals that domestic storage orders are landing, then consider phased entries. For derivatives, be sure to lower leverage and avoid the risk of wide volatility driven by the synchronized moves of global technology stocks.