SpaceX (SPCX.US) stock price plunges 40%, causing Musk’s net worth to shrink by $48.5 billion

According to Woofun AI news, Elon Musk's net worth has significantly shrunk due to dramatic fluctuations in the SpaceX (SPCX.US) share price, with over $48.5 billion evaporating from his assets in a single day on Friday, causing his total wealth to drop from the trillion-dollar level recently to $865 billion.

The main driving force behind this loss of wealth is not Musk's holdings in Tesla (TSLA.US), but rather the deteriorating performance of SpaceX (SPCX.US) on the Nasdaq market. Under the double pressure of the US stock market downturn and the deflation of the artificial intelligence sector, SpaceX (SPCX.US) stock price fell to $134 on Friday, marking a new low since August and a significant retreat from last month's peak of $176.56. Compared to the all-time high after its IPO, the drop is as much as 40%.

Data compiled by Woofun AI shows that market panic is mainly driven by doubts about the return on investment in artificial intelligence infrastructure, with SpaceX (SPCX.US) being one of the biggest capital consumers in this sector. Although the company's latest financial report revealed that its AI business posted revenue of $7.56 billion in the September quarter—surpassing Starlink’s $5.24 billion to become the largest revenue source—its capital expenditure was equally staggering. Capital expenditure for the AI division in the quarter reached $16.4 billion, far exceeding the combined total of the aerospace and network businesses.

In addition, SpaceX (SPCX.US) owns the product Grok, which directly competes with ChatGPT and Claude, and Musk has warned that more than 200 new cloud service companies could go out of business due to cash flow problems.

This concern over a bursting industry bubble has directly impacted SpaceX's (SPCX.US) need for $40 billion in funds to develop its data center business. Notably, SpaceX’s (SPCX.US) weakness is not unique; its competitors CoreWeave (CRWV.US), Nebius (NBIS.US), and IREN (IREN.US) have all seen their stock prices fall by more than 50% from their historical highs, reflecting an ongoing valuation re-adjustment across the entire AI infrastructure sector.

In stark contrast to SpaceX’s (SPCX.US) downturn, Tesla (TSLA.US) demonstrated strong resilience this week. By the end of the week, Tesla (TSLA.US) stock closed at $400, up 34% from its lowest point in July this year. This upward trend was supported by Musk’s previous proposal to merge SpaceX (SPCX.US) with Tesla (TSLA.US) to create a large corporate group, which received positive market feedback.

At the same time, changes in macro energy prices have also favorably supported Tesla (TSLA.US). Currently, the average price of gasoline has risen to $4.2, and diesel prices are near historic highs, prompting more US consumers to turn to lower-maintenance electric vehicles. Improved fundamentals have further boosted market confidence, with Tesla’s (TSLA.US) latest delivery report showing third-quarter deliveries reaching 486,532 units, well above the previous quarter’s 464,391 units, indicating sustained strong demand.

From an asset structure perspective, Elon Musk holds approximately 49% of SpaceX (SPCX.US), making this the main component of his wealth, while his roughly 12% stake in Tesla (TSLA.US) is valued at $197 billion. Analyst Dan Ives recently projected that should the merger plan between SpaceX (SPCX.US) and Tesla (TSLA.US) come to fruition, Tesla’s (TSLA.US) share price could reach around $500 per share, as investors would be willing to pay a higher premium for this scale effect.

However, before the merger is completed, SpaceX's (SPCX.US) high capital expenditure and the overall valuation correction risk in the AI industry will remain key factors suppressing the growth of Elon Musk's net worth. This situation marks a brutal transition for tech giants from a 'growth narrative' to a 'profit reality' in their pursuit of AI dominance.