SpaceX Now Costs Two Bitcoins and Still Trades at 130x Sales 🚀

Eight days after its June 12 initial public offering, SpaceX (SPCX) has surged more than 40% to a roughly $2.5 trillion market capitalization, making it the world's sixth-largest company and worth nearly twice the entire bitcoin ($BTC) market, which stands at about $1.2 trillion to $1.33 trillion depending on the source. Pre-market trading on Wednesday pushed the shares another 11% higher after the previous session closed with a gain of almost 20%, lifting the company's valuation above $2.5 trillion and placing its market cap at roughly double that of $BTC, currently valued at $1.33 trillion.

The rally has been amplified by a thin share float. Only about 4.2% of SpaceX's shares were available to trade on debut day, and retail investors now hold around one-third of the total share volume, contributing to a supply squeeze that has drawn specialized double-leveraged ETFs tied to SPCX. Financial providers have already launched such products, while market participants continue to discuss rumors of a possible merger between SpaceX and Tesla.

The latest catalyst was the announcement of a $60 billion acquisition of Anysphere, the startup behind the AI coding assistant Cursor, intended to strengthen xAI, whose Grok chatbot has lagged behind OpenAI and Anthropic in code writing. Anysphere increased its annual revenue from $100 million to $2 billion in 13 months, and the deal is expected to close in the third quarter, with Anysphere shareholders receiving SpaceX shares. SpaceX's February acquisition of xAI, also owned by Elon Musk, brought the Grok models and data centers into the company, placing it in direct competition with OpenAI and Anthropic, both of which have filed to go public.

Analysts are urging caution on the valuation. SpaceX posted a $4.94 billion net loss in 2025 on $18.67 billion of revenue, and one source also references a $4.3 billion loss in the first quarter of this year. At a roughly $2.5 trillion market cap, the company trades at more than 130 times sales, with one source citing a price-to-revenue multiple of around 134x. "With the expectations already sky high, there is little room for error," Lukman Otunuga, head of markets at FXTM, told CoinDesk in an email, adding that a stumble "will hit the broader stock market, as well as the beneficiaries of the AI boom."

Bitcoin market capitalization figures cited across sources range from $1.2 trillion to $1.33 trillion, against SpaceX's $2.5 trillion-plus valuation. ARK Invest funded SpaceX purchases earlier this week by selling other holdings, a flow that has fueled crypto-side arguments about $BTC's relative undervaluation given its fixed supply and mathematical issuance schedule.