The market value of Elon Musk's space company is showing confident growth on Nasdaq, with the company's capitalization rapidly catching up to twice the value of the entire global Bitcoin network. After IPO session closed with a gain of almost 20%, today's premarket pushed the stock another 11% higher, bringing SpaceX's total valuation above $2.5 trillion.
Against the backdrop of Bitcoin's own market capitalization now standing at $1.33 trillion, Musk's company is preparing to set new records and become roughly twice as valuable as the world's main cryptocurrency.
Two Bitcoins for one company
The key driver of the pre-market rally was the official announcement of a $60 billion acquisition of Anysphere, the startup behind the popular AI assistant Cursor. The deal is intended to strengthen the position of xAI, whose chatbot Grok has so far lagged behind giants such as OpenAI and Anthropic in code writing. Cursor, by contrast, has shown excellent momentum, managing to increase its annual revenue from $100 million to $2 billion in just 13 months.
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The deal is expected to close in the third quarter, while Anysphere's shareholders will receive payments in shares of the space giant.
Bitcoin and SpaceX price action since the IPO of the latter, Source: TradingView
At the same time, speculative interest around SPCX is being fueled by a certain shortage of shares on the market, as retail investors currently hold about one-third of the total share volume. Financial providers have already launched specialized ETFs with double leveraged exposure to SPCX, while the market is discussing rumors of a possible merger between SpaceX and Tesla.
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Nevertheless, major analysts are calling for caution, since from a fundamental standpoint SpaceX still remains an unprofitable and heavily overvalued business, having lost $4.3 billion in the first quarter of this year and trading at a high price-to-revenue multiple of around 134x.
Statistics from similar large IPOs also point to the probability of a future price correction, which, against the backdrop of inflated stock market multiples, is making crypto optimists increasingly vocal about Bitcoin's undervaluation, given its scarcity and clear mathematical design.
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