Author: Flora, CryptoPulse Labs

In just a few days, the capital market has once again witnessed the myth of Musk.

On June 16, after the listing of SpaceX, the stock price continued to surge, and the market capitalization officially surpassed $2.5 trillion. This figure even exceeds the current total market capitalization of the entire cryptocurrency market, approximately $2.34 trillion.

Meanwhile, with the launch of the options market, Wall Street's speculative enthusiasm for SpaceX continues to heat up. On the other hand, SpaceX has also announced that it will release significant information in the future through its X platform investor relations page instead of traditional news lines.

This series of actions is not just about the increase in stock price; it is more like a reconstruction of the narrative of future capital.

1. Surpassing the total market capitalization of the crypto market, what does SpaceX have?

If this were a few years ago, many people would still see SpaceX as a rocket manufacturing company. But today, the capital market clearly does not view it that way.

Wall Street attributes such an exaggerated valuation to it not because of how many rockets it has launched, but because it is becoming one of the most important infrastructure providers in the future world.

The first layer of value for SpaceX comes from its space launch business. Whether it's Falcon 9 or Starship, it has established a globally leading commercial space capability.

Compared to traditional aerospace companies, SpaceX's biggest advantage lies in the cost reduction brought by reusable technology. As launch costs continue to decrease, space transportation will no longer be something that only a few countries can afford, but will gradually evolve into a high-frequency commercial activity.

However, what truly supports the trillion-dollar valuation is not the rockets, but Starlink. The market is increasingly aware that the essence of Starlink is not a satellite project, but a global communication infrastructure. Traditional telecom companies rely on ground station construction, which naturally limits their coverage and expansion speed.

Starlink, on the other hand, builds a low-earth orbit satellite internet network that, in theory, can achieve global coverage. Whether it's connecting remote areas, military communication, or the future AI network collaboration, Starlink has extremely strong strategic value.

More critically, what capital is focused on is SpaceX's entry value in the future space economy. If humanity does indeed enter an era of space industrialization, then whoever masters low-cost transportation capabilities will have the opportunity to control the discourse power of the entire ecosystem.

This is somewhat similar to cloud computing platforms in the internet era, and like GPU infrastructure in the AI era. The market is willing to give a high premium because SpaceX is seen as a monopoly-level player in key infrastructure for the decades to come.

Therefore, today's SpaceX valuation logic no longer applies to traditional aerospace companies. Capital is not buying a rocket company but the core entry point for global communication, space transportation, and even the space economy in the future.

2. The bull-bear battle escalates, and SpaceX enters an epic volatility window

After SpaceX's market capitalization surpassed $2.5 trillion, the market did not calm down but became even more excited. Because on June 16, SpaceX options officially launched, leading the market to discuss another crazier topic. Will the stock price experience a gamma squeeze and move further towards $400?

The Gamma Squeeze mentioned by Zerohedge is essentially a mechanism of accelerated price rise triggered by the options market. Simply put, when a large number of investors buy out-of-the-money call options, market makers need to continuously buy the underlying stock to hedge their risks.

As the stock price rises, they need to buy more stock to balance the risk, resulting in a positive feedback loop of rising prices pushing prices higher.

This phenomenon is not unfamiliar in traditional stock markets. The surge of GameStop in 2021 is a typical case. SpaceX currently possesses several conditions that can trigger a gamma squeeze.

First is the extremely high market attention. Musk himself is one of the strongest traffic entrances in the capital market. Whether it's Tesla, Dogecoin, or X, Musk has proven his influence on market sentiment in the past few years. Once market FOMO (Fear of Missing Out) sentiment is ignited, speculative funds often rush in quickly.

Second, the circulating chips may be relatively limited. If a large number of shares are still held by institutions and insiders, then the stocks truly circulating in the market are not many. When limited chips encounter substantial buying, the elasticity of price increases will be significantly enhanced. This is one of the environments where gamma squeezes are most likely to occur.

Finally, the options market itself is an amplifier of sentiment. Ordinary spot trading may push the stock price up a few percentage points, but when leveraged, market volatility often increases exponentially.

This is also why Zerohedge has given an extreme expectation of $400. If the stock price really hits this level, SpaceX's market cap could further rise to nearly $5 trillion, potentially surpassing Nvidia.

Of course, a gamma squeeze does not mean that the stock price will only go up. It is characterized by rapid price increases, significant volatility, while also having the potential for unusually severe pullbacks. Therefore, the launch of the options market means that SpaceX has entered a new stage where emotional and capital games jointly dominate, moving beyond fundamental drivers.

3. Web3-style information disclosure enters US stocks, Musk is at the forefront

Aside from the soaring stock price, another aspect may be even more noteworthy.

SpaceX indicated in its filing with the SEC that it will no longer publish quarterly financial reports or significant announcements through traditional news lines, but will directly disclose information to the public through its investor relations page on the X platform.

This seems like just a change in information release channels, but it could fundamentally alter the information dissemination structure in the capital market.

The traditional disclosure path for listed companies usually involves the company releasing an announcement, which then spreads through news lines and financial media to investors. This is a typical centralized dissemination model. Information goes through intermediaries before reaching the market.

But Musk clearly does not favor this path. He prefers to bypass traditional media and directly reach market participants. In other words, he hopes to establish a completely new mode of information flow: the company directly informs investors, and social platforms become the primary source of dissemination.

This mode is not unfamiliar to those in the cryptocurrency industry. In the Web3 world, project parties often release important news directly to the community through X, Discord, or Telegram, while media take on a secondary dissemination role. What Musk is doing now is essentially bringing the crypto-native information dissemination method into the US stock market.

This means that the speed of information dissemination will further increase. In the past, major announcements had to go through media distribution, but now it might just be a founder posting a dynamic update, allowing global investors to receive information simultaneously.

Then market fluctuations will become more intense. When information dissemination is real-time, price reactions will also accelerate synchronously. A tweet, a comment, or even an emoji can trigger a market capitalization fluctuation of billions of dollars. Musk has already proven this several times in the past.

On a deeper level, social media is gradually becoming financialized. The future platform value may no longer be limited to social attributes, but will extend to investor relations, information disclosure, and even capital market infrastructure. If more tech companies begin to follow SpaceX's lead, the way investors obtain first-hand information may completely change in the future.

The center of information in the capital market may be shifting from Wall Street terminals to social platforms.

Conclusion

SpaceX’s market capitalization surpassing the entire cryptocurrency market, on the surface, seems like Musk creating a miracle again, but fundamentally it's a repricing of global capital narratives for the future.

AI, aerospace, and robotics are becoming new focal points of capital, while the cryptocurrency market is facing new competition. The real question may not be why SpaceX is rising so high, but who can reclaim the trust of global capital in the next cycle as the future?

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