The entire bitcoin market is worth about $1.2 trillion as of Wednesday. SpaceX, at $2.5 trillion, is worth nearly twice as much, drawing from the same risk budget that flows into crypto — the point ARK made earlier this week when it funded its SpaceX purchases by selling other holdings.
The caution is that expectations now leave little room for error, with some analysts warning that a SpaceX setback would hit the broader market and the AI winners with it.
“With 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 concern. SpaceX had a net loss of $4.94 billion in 2025 on $18.67 billion in revenue, and at $2.5 trillion, it trades at more than 130 times sales, a multiple of meme-stock territory.
As such, SpaceX announced Tuesday that it has formally agreed to acquire 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 equity value of Cursor, according to a company filing.
