SpaceX surge to $2.5T market cap is pulling funds from crypto, CoinDesk says

SpaceX (SPCX) has surged over 40% since its listing to reach a market capitalization of approximately $2.5 trillion, about double that of Bitcoin (BTC), according to an analysis by CoinDesk. The media outlet argued that SpaceX is competing with the crypto market for investment funds, as both fall under the same theme of innovative investments. The recent rally suggests that capital from risk assets and the attention of retail investors are shifting toward the AI sector. CoinDesk highlighted that SpaceX is no longer just a space company. Following its acquisition of Elon Musk's xAI in February, it secured the Grok model and data centers, transforming into an AI firm that competes with OpenAI and Anthropic. As an example of this capital competition, CoinDesk pointed to Ark Invest recently selling some of its existing assets to raise funds to invest in SpaceX.