Space Exploration Technologies Corp. SpaceX (SPCX) has lost more than $1 trillion in market value since reaching a roughly $3 trillion valuation last week. At first glance, that sounds like a company in trouble.

Yet while stock investors were selling shares, bond investors were doing the exact opposite. The company successfully raised $20 billion in debt, with lenders embracing the offering despite the recent stock decline.

The conflicting reactions reveal a growing divide between how equity investors and credit investors view Elon Musk's newest public company.

Stock Investors See Spending. Bond Investors See Cash

The stock market has focused on one issue: spending.

SpaceX is pouring billions into Starship development, artificial intelligence infrastructure, data centers and its recently acquired AI coding platform, Cursor. Credit rating agencies have also highlighted expectations of negative free cash flow over the next several years as the company continues to invest aggressively for growth.

Bond investors, however, are looking at a different set of numbers.

SpaceX reportedly holds roughly $100.8 billion in cash and recently secured investment-grade ratings from Moody's, S&P Global and Fitch. The company's debt offering was also viewed as relatively low risk because much of the proceeds are expected to refinance obligations coming due in 2027 rather than fund entirely new projects.

Then there's Starlink.

The satellite internet business has grown to approximately 12 million subscribers, creating a recurring revenue stream that many lenders view as one of the strongest assets on SpaceX's balance sheet.

The $28 Billion AI Business Emerging Inside SpaceX

The recent selloff has also overshadowed another potentially significant development.

According to figures circulating among investors, SpaceX could be generating approximately $2.32 billion per month from AI compute agreements with some of the biggest names in artificial intelligence.

The largest contributor is reportedly Anthropic at roughly $1.25 billion per month. Alphabet Inc. (GOOGL) and Google (GOOG) follow at approximately $920 million per month, while Reflection contributes about $150 million monthly. Combined, those agreements imply an annualized revenue run rate approaching $28 billion from AI infrastructure services alone.

For a company already operating one of the world's largest satellite networks, the figures suggest investors may be looking at more than just a space company.

The Real Debate Isn't About Debt

The debt market appears comfortable with SpaceX's ability to meet its obligations.

The stock market is wrestling with a different question: how much future success is already reflected in the share price.

Bondholders only need Starlink's cash flows and SpaceX's balance sheet to remain strong enough to repay debt. Shareholders need Starship, AI infrastructure, data centers and other long-term bets to generate returns that justify a multi-trillion-dollar valuation.

The Supply Problem Nobody Is Talking About

There may be another explanation for the stock's decline that has little to do with fundamentals.

Only a small portion of SpaceX shares currently trade publicly. As lockup restrictions expire, additional insider shares could become eligible for sale, potentially increasing the supply of stock available to investors. That matters because even a relatively small release of restricted shares could exceed the size of the company's original public float.

SpaceX's recent decline may ultimately have less to do with deteriorating fundamentals than a market adjusting to the realities of supply, valuation and expectations.

The company may have lost $1 trillion in market value. But the willingness of lenders to provide another $20 billion suggests not everyone is betting against its future.