SpaceX's market cap nears $2.6 trillion, nearly double Bitcoin's, overshadowing crypto market risk appetite

Odaily reported that the company has continued to surge since its IPO, with its latest market capitalization exceeding $2.5 trillion (in the $2.6 trillion range), accumulating gains of over 40% since its listing on June 12. It has risen to become the world's sixth-largest company, nearly double Bitcoin's market cap, drawing attention to a "reallocation of risk capital."

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

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