- 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 estimated net worth of around $1.1 trillion.
Reflection AI Signs Multi-Year Compute Agreement
While shares fell, SpaceX secured another major AI customer. The company signed a computing deal with open-source startup Reflection AI, giving the company immediate access to Nvidia GB300 chips housed inside SpaceX’s Colossus infrastructure.
Reflection will pay $150 million per month beginning July 1, 2026. If the agreement remains in place through 2029, total payments would reach about $6.3 billion. After the first three months, either side can terminate the deal with 90 days’ notice.
Reflection, which was last valued at $25 billion, is developing open-source AI models designed to compete with systems from OpenAI, Anthropic, and Google. The startup has also worked with the Department of Energy’s Genesis Mission and participated in Pentagon AI projects.
The agreement adds another customer to SpaceX’s growing AI infrastructure business. The company already provides computing capacity to Anthropic, Google, and Cursor, while also acquiring Cursor in a $60 billion all-stock deal.
Selloff Continues Despite AI Growth
The new deal failed to stop concerns over SpaceX’s valuation and spending. The company has lost roughly $928 billion in value over three trading sessions after briefly approaching a $3 trillion valuation following its IPO. SpaceX currently carries a market capitalization of about $2 trillion.
The selloff accelerated after the company announced plans to issue bonds despite holding more than $100 billion in cash and cash equivalents. Investors questioned why additional financing was needed.
SpaceX also remains unprofitable despite revenue growth above 30%, as spending continues to rise on AI infrastructure, Starship development, and other expansion efforts.
Additional pressure came after MSCI assigned SpaceX a CCC rating, the lowest level on its sustainability scale, citing exposure to environmental, social, and governance risks.
Related: Elon Musk Predicts 10x Global Economic Expansion Within a Decade, Warns of War Risk
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