TechFlow reported on June 17, citing CoinDesk, that SpaceX has continued to surge after its IPO. Its latest market valuation has exceeded $2.5 trillion and is now in the roughly $2.6 trillion range. Since its June 12 listing, the company has gained more than 40%, making it the world’s sixth-largest company by market value and bringing its size close to twice Bitcoin’s market capitalization.
Post-IPO surge puts risk-capital allocation back in focus
The rapid move has shifted SpaceX from being viewed only as a space-company valuation story into a broader discussion about how global risk assets are being priced. The report noted that the scale of SpaceX’s rise has led the market to discuss “risk capital reallocation.” When a non-crypto technology company absorbs a large share of risk-budget capital through a high-growth narrative, crypto assets are compared against the same pool of capital flows.
The analysis said part of the rally stems from supply-structure factors. SpaceX is expanding from a single space company into an “AI + technology complex,” meaning its narrative is no longer limited to launch services and related space businesses. Instead, it is increasingly assessed within the framework of AI innovation and high-growth technology assets. This “AI innovation + high-growth narrative” is competing with the crypto market for the same category of risk-budget capital flows.
High valuation also brings revenue and loss scrutiny
At the same time, valuation risk around SpaceX has also increased. The data cited in the report shows that the company currently has a loss of about $494 million and revenue of about $18.67 billion. With its valuation above $2.5 trillion and close to the $2.6 trillion range, the company is trading at more than 130 times revenue.
Because the valuation multiple is far above its revenue base, some analysts have described the company’s current pricing as a “Meme-like valuation level.” The phrase does not refer to the business itself, but to the strong narrative-driven component in the market’s pricing. For the crypto market, SpaceX’s fast valuation increase creates a direct comparison point: when AI and high-growth technology narratives take up risk appetite, Bitcoin and other crypto assets are also being measured within the same risk-capital framework.