SpaceX's market cap approaches $2.6 trillion, nearly double that of Bitcoin, crushing crypto market risk appetite

Odaily Planet Daily reports that SpaceX has been soaring since its IPO, with its latest market cap surpassing $2.5 trillion (in the $2.6 trillion range), surging over 40% since its listing on June 12th. It has become the world's sixth-largest company, approaching twice the market cap of Bitcoin, drawing attention to a "reallocation of risk capital."

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

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