Elon Musk’s wealth has now surpassed Bitcoin market cap amid SpaceX’s continued rally

Elon Musk’s private fortune has surpassed the market worth of Bitcoin, a milestone that reveals how rapidly SpaceX’s public-market debut has reshaped each wealth rankings and the broader dialog round speculative threat.

According to Bloomberg’s Billionaire Index, Musk’s web price rose to about $1.32 trillion as SpaceX shares traded above $200, extending a rally that started with the corporate’s report preliminary public providing final week.

At that stage, his estimated private wealth exceeds Bitcoin’s roughly $1.29 trillion market capitalization, based mostly on CryptoSlate’s pricing for the digital asset.

While this comparability is imprecise by design, it gives a putting snapshot of how SpaceX’s speedy rise has moved into the middle of world markets and catapulted Musk’s wealth into uncharted territory.

Bitcoin’s pullback makes the comparability attainable

Bitcoin remains the largest digital asset by market value, however its lead has narrowed because the broader crypto market has cooled from final yr’s highs.

Over the previous yr, the whole cryptocurrency market has fallen from a peak of about $4.21 trillion to roughly $2.23 trillion, in response to CryptoSlate knowledge. During this era, Bitcoin has dropped by greater than 50% from its late-2025 report high close to $126,000, amid months of promoting stress and weaker threat urge for food.

The reversal follows a robust rally that started throughout Donald Trump’s 2024 presidential marketing campaign and continued by means of his return to the White House.

At the time, BTC crossed $100,000 for the primary time as traders responded to industry-friendly appointments, regulatory proposals, and expectations that Washington would take a softer method towards digital property.

However, these features have since pale this yr as crypto trade volumes have declined, leveraged positions have been flushed out, and capital has moved again towards massive expertise shares, private-market proxies, and newly listed development firms.

That backdrop makes Musk’s wealth milestone much less about Bitcoin shedding its position as crypto’s benchmark and extra concerning the velocity at which SpaceX has turn into a competing outlet for speculative capital.

Meanwhile, this comparability is even sharper exterior Bitcoin. With the crypto market price about $2.23 trillion and Bitcoin accounting for roughly $1.29 trillion, Musk’s estimated fortune is now bigger than the mixed worth of the remainder of the digital-asset market.

SpaceX turns into the market’s new crowded commerce

The speedy driver of Musk’s wealth acquire is SpaceX, which trades on Nasdaq under the ticker SPCX.

The firm priced its IPO at $135 a share and has since rallied by greater than 50%, pushing its market worth to about $2.7 trillion. The transfer has positioned SpaceX among the many world’s most useful public firms, forward of Amazon and close to Microsoft’s market capitalization.

The rally has been fueled by a uncommon mixture of shortage, model energy, and momentum. CryptoSlate beforehand reported that solely a restricted portion of SpaceX’s fairness entered public buying and selling, leaving traders to compete for a small float in probably the most anticipated listings in years. That imbalance has helped flip demand into worth stress.

At the identical time, retail traders have been central to the inventory’s speedy rise.

South Korean particular person traders purchased about $795.9 million of SpaceX shares on June 12, the inventory’s first day of buying and selling, in response to market-flow data cited by Global Market Investor. That made SPCX probably the most bought US inventory amongst South Korea’s retail traders in a single session.

The shopping for exceeded three-month web purchases in a number of main US expertise names. Over the prior three months, South Korean retail traders purchased $748.3 million in Micron Technology, $696.2 million within the Nasdaq 100 ETF, and $694.5 million in Marvell Technology, in response to the identical knowledge.

Meanwhile, the push for SPCX can also be evident in leveraged exchange-traded funds tied to the agency, which have seen heavy buying and selling of their first days on the market.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said whole quantity throughout 2x SpaceX ETFs topped $3 billion, up from about $1 billion the day gone by.

One product, buying and selling below the ticker SPCH, recorded about $1.3 billion in day-two quantity. Balchunas stated that was the very best second-day buying and selling quantity ever recorded by an ETF, above the roughly $500 million logged by BlackRock’s spot Bitcoin ETF (IBIT) on its second buying and selling day.

This demand is notable as a result of most of the merchandise observe the identical underlying inventory and supply comparable leverage. That suggests traders should not merely searching for long-term publicity to SpaceX. Many are utilizing the funds to precise short-term directional bets.

Ultimately, these numbers present that SpaceX is being handled much less like a traditional aerospace itemizing and extra like a world momentum commerce.

Investors who missed the IPO allocation have been shopping for the inventory within the open market, whereas others have turned to exchange-traded funds, choices, and crypto-linked derivatives to achieve publicity to the identical product.

SpaceX valuation questions develop louder

The tempo of the rally has intensified questions on whether or not SpaceX’s valuation is outpacing its enterprise fundamentals.

Musk has said SpaceX could reach $1 trillion in annual revenue by 2030, a goal that has helped traders worth the corporate as greater than only a rocket-and-satellite enterprise. The market can also be assigning worth to Starlink, synthetic intelligence, launch infrastructure, and Musk’s wider expertise ecosystem.

Current financials present an organization nonetheless spending closely to construct that future. SpaceX reported a web lack of $4.94 billion in 2025 on income of $18.67 billion. The firm recorded one other $4.27 billion loss within the first quarter of 2026, reflecting capital spending on Starlink, launch capability, computing infrastructure, and synthetic intelligence initiatives.

Those losses haven’t stopped the rally. But they’ve widened the hole between what SpaceX is at present and what traders are paying for it to turn into.

That is the place the Bitcoin comparability turns into helpful. Bitcoin’s market worth has at all times relied on what consumers are prepared to pay for shortage, community power, and future financial relevance. SpaceX is now being priced with an identical forward-looking logic, solely by means of the construction of a public firm hooked up to Musk.

For now, public markets are rewarding that story extra aggressively than crypto.

While Musk’s fortune could not keep above Bitcoin’s market worth ceaselessly as a result of SpaceX shares might fall, Bitcoin might rebound, or each might transfer sharply in reverse instructions.

However, the milestone captures the present state of threat urge for food: the largest speculative commerce in markets is not essentially a token. It is a rocket firm.

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