SpaceX Market Cap Approaches $2.6 Trillion, Nearly Twice Bitcoin's Value, Overwhelming Crypto Market Risk Appetite

Odaily reports that after its sustained surge post-IPO, its latest market capitalization has exceeded $2.5 trillion (in the $2.6 trillion range), marking an increase of over 40% since its listing on June 12. This propels it to become the world's sixth-largest company, nearing twice the market cap of Bitcoin and drawing attention to a "reallocation of risk capital."

Analysts point out that part of this recent surge is driven by supply-side structural factors, as SpaceX is evolving from a single aerospace company into an "AI + tech conglomerate." This "AI innovation + high-growth narrative" is competing with the crypto market for the same pool of risk capital funds.

However, SpaceX's valuation risks are also rising simultaneously. The company currently reports a loss of approximately $494 million on revenue of about $18.67 billion, corresponding to a valuation exceeding 130 times revenue. Some analysts describe this as a "meme-like valuation level." (CoinDesk)