Author: Climber, CryptoPulse Labs

According to the latest documents from the U.S. SEC, SpaceX plans to issue approximately 556 million shares at $135 per share, raising $75 billion, corresponding to a valuation of about $1.77 trillion. Meanwhile, SpaceX is integrating rockets, Starlink, AI, orbital data centers, and the future space economy into a super narrative.

For the crypto market, what is truly worth paying attention to is not the "space concept," but rather the change in capital pricing logic. When capital begins to reallocate assets around AI, infrastructure, and future ecosystems, which directions in the crypto market will experience a funding overflow effect.

So which crypto sectors might become the core of the next cycle? This article explores the potentialities based on this historically largest IPO event.

1.AI Narrative Enters the Second Half: The Market Begins Competing for the "Shovel Sellers"

In the past year, the main narrative regarding AI in the crypto market has undergone two shifts.

The first stage saw the market trading AI applications, with a large number of AI agents, AI assistants, AI social projects, and AI content projects gaining market attention after the explosion of ChatGPT.

During this stage, the market logic was very simple; whoever is closer to the end user is more likely to obtain valuation. But problems soon arose as the threshold for AI applications was rapidly decreasing.

Once a new AI application appears, it can be easily replicated. After model upgrades, many applications may even be directly replaced. Thus, the market began to realize that what is truly scarce in AI is not the application layer but the underlying production materials.

This IPO by SpaceX is actually reinforcing this logic.

On the surface, SpaceX appears to be selling rockets, but the prospectus and roadshow repeatedly emphasize AI, computational networks, and future data centers.

Goldman Sachs predicts that by 2030, SpaceX's AI revenue will grow 100 times, which is essentially betting on future AI infrastructure. This logic, when mapped to the crypto market, implies that funding may further migrate towards AI underlying protocols.

The first is computational power. Currently, one of the biggest limiting factors in the AI industry is not the models, but the GPU resources.

From OpenAI to xAI, from Anthropic to Google, they are all vying for high-performance computing resources. The continuous rise in NVIDIA's market value essentially reflects the market revaluing computational resources.

Similarly, there are analogous assets in the crypto world, such as TAO. In the past, many people simplified TAO as an AI concept coin, but it is actually closer to an AI network layer protocol. It seeks to create an open network through token incentives, allowing models, computational power, and data contributors to form a cooperative network.

If the future market continues to strengthen the AI infrastructure logic, then TAO's valuation framework may move closer to "AI network infrastructure" rather than ordinary application projects.

The second is the GPU computational power network. Projects like RENDER, AKT, and IO have long been understood as computational leasing platforms, but they may need to be reinterpreted in the future. They are not selling GPUs but rather the liquidity of future computational power.

The most profitable in the internet era was not necessarily the websites but AWS. In the AI era, what will be most profitable may not be the agents but rather the computational networks.

In the next cycle, the market may see a change. Instead of looking for which AI product will explode, the future may search for who sells computational power.

These two valuation logic systems are completely different; the former relies on user growth, while the latter relies on the value of infrastructure, which typically has a longer cycle.

2.When Trillions of Dollars in Assets Start to Be On-Chain: RWA May Welcome a True Inflection Point

Behind the $75 billion fundraising scale, there is another issue worth paying attention to: why can SpaceX achieve a valuation of $1.77 trillion?

Because the market believes in the future.

But the reality is that many ordinary investors cannot actually participate in the early stages of these future assets. OpenAI is like this, SpaceX is like this, and many AI unicorns are the same.

This implies that there may be a huge demand in the future: how to allow global capital to participate earlier and more efficiently in future assets? The crypto industry is attempting to solve this problem.

In the past, RWA was primarily focused on government bonds, for a simple reason: government bonds are low-risk, structurally simple, and easy to enter on-chain. However, the future development direction of RWA may not be limited to government bonds, but also include equity assets, stock assets, and even unlisted assets.

If more assets similar to SpaceX partially enter the on-chain market in the future, it could mean that the asset transaction logic may change.

A huge separation previously existed between the primary market and the secondary market, making it difficult for ordinary investors to participate in early quality assets. However, if assets begin to be tokenized, these boundaries may be broken.

The market may develop new asset circulation models, such as asset issuance being on-chain, asset trading being on-chain, and asset clearing being on-chain, forming a global 24-hour liquidity network.

This change could be larger than DeFi, as DeFi reconstructs financial tools, while RWA may reconstruct the very essence of assets.

Therefore, from a project perspective, the first to benefit may not be asset projects, but infrastructure projects. ONDO may benefit from the expansion of asset issuance, LINK may benefit from the growth in asset data demand, and RWA networks like Plume may benefit from the increase in asset liquidity demand.

The market traded tokens in the past; in the future, it may start trading assets. Whoever masters the asset circulation network may control the entry point of value.

3.Stablecoins, Payments, and DePIN: New Underlying Logic is Forming

If AI and RWA still belong to the growth logic, another potential beneficiary mainline is the infrastructure logic.

One point about SpaceX that is easily overlooked is that rockets are not the true core of SpaceX; what is truly valuable is Starlink.

Because Starlink is essentially not a hardware business but a network business.

Networks usually have more long-term value than products, because products can be replaced, but once a network scales, it creates barriers.

The crypto market also experiences similar situations.

In the future, whether AI, RWA, or on-chain securities develop, ultimately, they will need underlying settlement capabilities. Thus, stablecoins may become one of the true big winners of the next cycle.

In the past, stablecoins were more understood as transactional mediums, but in recent years, stablecoins have gradually evolved into financial infrastructure.

Cross-border payments require stablecoins.

On-chain securities require stablecoins, AI economic systems require stablecoins, and global asset circulation also requires stablecoins. This means that the demand for stablecoins may no longer come from within the crypto market but from the real world.

At the same time, payment protocols may also enter a value reassessment stage. Many payment projects have long been overlooked by the market because payment growth appears slow.

However, if the on-chain economy continues to expand in scale, the payment network itself may become a super entry point.

Additionally, DePIN is also worth paying attention to.

In the past, the market understood DePIN more as a concept, but SpaceX has actually proven that real-world infrastructure can achieve extremely high valuations.

Moreover, DePIN also seeks to establish real networks using token incentives, wireless networks, mapping systems, storage networks, and computing networks fundamentally belong to this logic.

If the market begins to revalue real-world infrastructure in the future, then DePIN may experience a new value reassessment.

Because what may be most valuable in the future is not the applications themselves but the networks themselves. This was true in the internet era, true in the mobile internet era, and may continue to be true in the AI era.

Conclusion

SpaceX appears to be an IPO event, but what it truly reflects behind the scenes is a new funding path in the capital market. The first stage is capital chasing stories, the second stage is capital chasing infrastructure, and the third stage is capital chasing cash flow.

In the past few years, the crypto market has largely remained in the first stage. However, in the coming years, capital may gradually enter the latter two stages. AI infrastructure, RWA, on-chain securities, stablecoins, payment networks, and DePIN may not rise the fastest in the short term, but they could be closer to the true underlying logic of the next cycle.

Because in every round of technological revolution, the ultimate biggest winners are often not the hottest applications but those who build the underlying systems.

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