Odaily, citing CoinDesk, reported that SpaceX has continued to surge after its IPO, with its latest valuation exceeding $2.5 trillion and moving in the roughly $2.6 trillion range. Since its June 12 listing, the company has risen by more than 40%, lifting it to sixth place among the world’s largest companies. Its market value is now approaching twice the total market capitalization of Bitcoin.
Valuation surge and risk-capital reallocation
The sharp increase in SpaceX’s valuation has led to discussion around what the report described as risk-capital reallocation. According to the article, SpaceX is drawing risk-budget flows that overlap with those pursued by the crypto market, as the company is no longer being viewed only as a standalone aerospace business.
The analysis cited in the report said part of the rally stems from supply-structure factors. SpaceX is expanding from a single aerospace company into what was described as an “AI + technology complex,” and that “AI innovation + high-growth narrative” is competing with crypto markets for the same pool of risk-budget capital.
High valuation comes with loss pressure
At the same time, the report noted that SpaceX’s valuation risk has also increased. The company currently has a loss of about $494 million and revenue of about $18.67 billion. Based on the current valuation, that implies a valuation of more than 130 times revenue.
Because of that elevated revenue multiple, some analysts described the company’s current valuation as being at a “Meme-like valuation level.” In this context, the comparison between SpaceX and Bitcoin is not only a measure of relative market size. It also reflects how risk-oriented capital is being reordered between the narratives of large technology assets and crypto assets.