The entire Bitcoin market was worth around $1.2 trillion as of Wednesday. SpaceX, at $2.5 trillion, is worth nearly twice that, and it draws on the same risk budget as crypto — the point ARK made earlier this week when it financed its purchase of SpaceX by selling other securities.
Caution is advised: Expectations now leave little room for error, with some analysts warning that a SpaceX stumble would hit the broader market and, with it, AI winners.
“With expectations already sky high, there is little room for error,” Lukman Otunuga, head of markets at FXTM, told CoinDesk in an email. “If SpaceX were to disappoint across the board, the fallout would hit the broader stock market, as well as the beneficiaries of the AI boom.”
The figures confirm this concern. SpaceX posted a net loss of $4.94 billion in 2025 on revenue of $18.67 billion, and at $2.5 trillion it trades at more than 130 times sales, a multiple that some call meme stock territory.
As such, SpaceX announced on Tuesday that it had officially agreed to take over Cursor in a deal that values the AI coding startup at $60 billion. Cursor investors will be entitled to receive SpaceX shares based on the implied value of Cursor’s equity, according to a company filing.
