SpaceX's market cap approaches $2.6 trillion, nearly double Bitcoin's, squeezing crypto market risk appetite
Odaily Planet Daily News After its IPO, [SpaceX] has surged continuously, with its latest market capitalization breaking through $2.5 trillion (in the $2.6 trillion range). It has risen over 40% since its listing on June 12, becoming the world's sixth-largest company, approaching twice the market cap of Bitcoin, drawing market attention to the "reallocation of risk capital."
Analysts point out that part of this rally is due to supply-side structural factors, as SpaceX is expanding from a pure aerospace company into an "AI + tech conglomerate." This "AI innovation + high-growth narrative" is now competing with the crypto market for the same pool of risk budget capital flows.
However, SpaceX's valuation risk is also rising simultaneously. The company currently has a loss of approximately $494 million on revenue of about $18.67 billion, corresponding to a valuation exceeding 130 times revenue, described by some analysts as a "meme-like valuation level." (CoinDesk)
