Musk's Rocket Now Costs More Than Two Bitcorns 🚀

SpaceX's market capitalization has climbed above $2.5 trillion in pre-market trading on Nasdaq, putting Elon Musk's space company on track to be worth roughly twice the value of the entire Bitcoin network, which carries a market cap of $1.33 trillion. The move follows an IPO session that closed with a gain of nearly 20%, with shares pushing another 11% higher in pre-market activity on Wednesday.

The pre-market surge was triggered by SpaceX's official announcement of a $60 billion acquisition of Anysphere, the startup behind the AI coding assistant Cursor. The deal is designed to strengthen xAI, whose Grok chatbot has trailed competitors including OpenAI and Anthropic in code generation. Anysphere grew annual revenue from $100 million to $2 billion in 13 months. The transaction is expected to close in the third quarter, with Anysphere shareholders receiving SpaceX shares.

Trading in the stock, listed under the ticker SPCX, has also been fueled by a share shortage on the open market, with retail investors holding roughly one-third of the total float. Financial providers have launched leveraged ETFs offering double exposure to SPCX, while market participants are discussing the prospect of a future merger between SpaceX and Tesla.

Analysts have urged caution on the valuation. From a fundamental standpoint, SpaceX remains unprofitable and heavily overvalued, having reported a $4.3 billion loss in the first quarter and trading at a price-to-revenue multiple of approximately 134x. Historical data from comparably large IPOs suggests the possibility of future price corrections, a backdrop that has led some crypto commentators to highlight Bitcoin's relative scarcity and fixed supply schedule as factors in its current valuation.