SpaceX's $2.6 trillion market cap nearly double that of bitcoin
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- SpaceX shares surged more than 40% since its June 12 debut to a roughly $2.5 trillion market cap, making it the world's sixth-largest company and nearly twice the size of bitcoin's $1.2 trillion market.
- Only about 4.2% of SpaceX's shares were available to trade on day one, meaning a thin float is partly driving the price discovery for the entire $2.5 trillion valuation.
- SpaceX's February acquisition of xAI brought Grok models and data centers in-house, putting the company in direct competition with OpenAI and Anthropic, both of which have filed to go public.
- SpaceX formally agreed Tuesday to acquire AI coding startup Cursor at a $60 billion valuation, with Cursor investors to receive SpaceX stock based on implied equity value.
- Despite a $4.94 billion net loss on $18.67 billion of 2025 revenue, SpaceX trades at more than 130 times sales — a multiple critics are calling meme-stock territory.
- ARK funded its SpaceX buying this week by selling other holdings, illustrating how risk capital is rotating from other assets (including crypto plays) into SpaceX.
- Lukman Otunuga, head of markets at FXTM, warned that with expectations sky-high, "should SpaceX disappoint down the line, the fallout will hit the broader stock market, as well as the beneficiaries of the AI boom."
Why it matters: SpaceX now commands a market cap roughly 2x bitcoin's at over 130x sales despite a ~$5 billion net loss, and ARK has already rotated out of other holdings to buy it. If SpaceX disappoints, the analyst warning is explicit: AI highfliers, broader equities, and crypto all face fallout from a single expensive, thinly traded stock.
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