SpaceX clinches $6.3 billion AI compute pact with Reflection AI as shares shed more than $600 billion in three sessions

SpaceX has signed a $6.3 billion computing-services agreement with open-source AI startup Reflection AI. The deal comes as SpaceX shares slid sharply, erasing more than $600 billion in market value over three trading days. Investors have focused on plans for a first-ever $20 billion corporate bond issue, a 2025 net loss of $4.9 billion, a further $4.28 billion loss in Q1 2026, and a $60 billion all-stock bid for Cursor that has fuelled expansion concerns. MSCI has assigned SpaceX a CCC ESG rating, keeping attention on financial sustainability rather than the company’s longer-term narrative.