Odaily Planet Daily report: Following its IPO, SpaceX's latest market capitalization has surpassed $2.5 trillion (in the range of approximately $2.6 trillion), rising over 40% since its listing on June 12, and climbing to become the sixth-largest company globally—approaching twice the market capitalization of Bitcoin, sparking market attention toward "reallocation of venture capital."
Analysis indicates that this rally is partly driven by supply-side factors, as SpaceX is evolving from a single aerospace company into an "AI + technology conglomerate," and this "AI innovation + high-growth narrative" is competing with the crypto market for the same pool of risk capital.
However, SpaceX’s valuation risk has also risen simultaneously; the company currently reports a loss of approximately $494 million and revenue of about $18.67 billion, resulting in a valuation exceeding 130 times revenue, which some analysts have described as “Meme-level valuation.” (CoinDesk)