The entire bitcoin market is worth about $1.2 trillion as of Wednesday. SpaceX, at $2.5 trillion, is worth almost twice as much and benefits from the same risk budget that flows into cryptocurrencies — the point ARK made earlier this week when it financed its purchase of SpaceX by selling other stakes.
The caution is that expectations now leave little room for error, and some analysts warn that a SpaceX stumble would affect the broader market and with it the 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 disappoints in the future, the consequences will affect the broader stock market as well as the beneficiaries of the AI boom.”
The numbers support that concern. SpaceX posted 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 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 be entitled to receive SpaceX shares based on Cursor’s implied equity value, according to a company document.
