The entire bitcoin market is worth about $1.2 trillion as of Wednesday. SpaceX, at $2.5 trillion, is worth nearly twice that, and it is drawing from the same risk budget that flows to crypto – the point ARK made earlier this week when it funded its SpaceX buying by selling other holdings.
The caution is that expectations now leave little room for error, with some analysts warning that a SpaceX stumble would hit the broader market and the AI winners with it.
“With the expectations already sky high, there is little room for error,” Lukman Otunuga, head of markets at FXTM, told CoinDesk in an email. “Should SpaceX disappoint down the line, the fallout will hit the broader stock market, as well as the beneficiaries of the AI boom.”
The numbers support that worry. SpaceX posted a $4.94 billion net loss in 2025 on $18.67 billion of revenue, and at $2.5 trillion, it trades at more than 130 times sales, a multiple some call meme-stock territory.
As such, SpaceX announced Tuesday that it has formally agreed to take over Cursor in a deal that values the AI coding startup at $60 billion. Cursor investors will have the right to receive SpaceX stock based on the implied equity value of Cursor, according to a company filing.