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

Elon Musk’s personal fortune has surpassed the market value of Bitcoin, a milestone that shows how quickly SpaceX’s public-market debut has reshaped both wealth rankings and the broader conversation around speculative risk.

According to Bloomberg’s Billionaire Index, Musk’s net worth rose to about $1.32 trillion as SpaceX shares traded above $200, extending a rally that began with the company’s record initial public offering last week.

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

While this comparison is imprecise by design, it offers a striking snapshot of how SpaceX’s rapid rise has moved into the center of global markets and catapulted Musk’s wealth into uncharted territory.

Bitcoin’s pullback makes the comparison possible

Bitcoin remains the largest digital asset by market value, but its lead has narrowed as the broader crypto market has cooled from last year’s highs.

Over the past year, the total cryptocurrency market has fallen from a peak of about $4.21 trillion to roughly $2.23 trillion, according to CryptoSlate data. During this period, Bitcoin has dropped by more than 50% from its late-2025 record high near $126,000, amid months of selling pressure and weaker risk appetite.

The reversal follows a powerful rally that began during Donald Trump’s 2024 presidential campaign and continued through his return to the White House.

At the time, BTC crossed $100,000 for the first time as investors responded to industry-friendly appointments, regulatory proposals, and expectations that Washington would take a softer approach toward digital assets.

However, those gains have since faded this year as crypto exchange volumes have declined, leveraged positions have been flushed out, and capital has moved back toward large technology stocks, private-market proxies, and newly listed growth companies.

That backdrop makes Musk’s wealth milestone less about Bitcoin losing its role as crypto’s benchmark and more about the speed at which SpaceX has become a competing outlet for speculative capital.

Meanwhile, this comparison is even sharper outside Bitcoin. With the crypto market worth about $2.23 trillion and Bitcoin accounting for roughly $1.29 trillion, Musk’s estimated fortune is now larger than the combined value of the rest of the digital-asset market.

SpaceX becomes the market’s new crowded trade

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

The company priced its IPO at $135 a share and has since rallied by more than 50%, pushing its market value to about $2.7 trillion. The move has placed SpaceX among the world’s most valuable public companies, ahead of Amazon and near Microsoft’s market capitalization.

The rally has been fueled by a rare combination of scarcity, brand power, and momentum. CryptoSlate previously reported that only a limited portion of SpaceX’s equity entered public trading, leaving investors to compete for a small float in one of the most anticipated listings in years. That imbalance has helped turn demand into price pressure.

At the same time, retail investors have been central to the stock’s rapid rise.

South Korean individual investors bought about $795.9 million of SpaceX shares on June 12, the stock’s first day of trading, according to market-flow data cited by Global Market Investor. That made SPCX the most purchased US stock among South Korea’s retail traders in a single session.

The buying exceeded three-month net purchases in several major US technology names. Over the prior three months, South Korean retail investors bought $748.3 million in Micron Technology, $696.2 million in the Nasdaq 100 ETF, and $694.5 million in Marvell Technology, according to the same data.

Meanwhile, the rush for SPCX is also evident in leveraged exchange-traded funds tied to the firm, which have seen heavy trading in their first days on the market.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said total volume across 2x SpaceX ETFs topped $3 billion, up from about $1 billion the previous day.

One product, trading under the ticker SPCH, recorded about $1.3 billion in day-two volume. Balchunas said that was the highest second-day trading volume ever recorded by an ETF, above the roughly $500 million logged by BlackRock’s spot Bitcoin ETF (IBIT) on its second trading day.

This demand is notable because many of the products track the same underlying stock and offer similar leverage. That suggests investors are not simply looking for long-term exposure to SpaceX. Many are using the funds to express short-term directional bets.

Ultimately, these numbers show that SpaceX is being treated less like a conventional aerospace listing and more like a global momentum trade.

Investors who missed the IPO allocation have been buying the stock in the open market, while others have turned to exchange-traded funds, options, and crypto-linked derivatives to gain exposure to the same product.

SpaceX valuation questions grow louder

The pace of the rally has intensified questions about whether SpaceX’s valuation is outpacing its business fundamentals.

Musk has said SpaceX could reach $1 trillion in annual revenue by 2030, a target that has helped investors price the company as more than just a rocket-and-satellite business. The market is also assigning value to Starlink, artificial intelligence, launch infrastructure, and Musk’s wider technology ecosystem.

Current financials show a company still spending heavily to build that future. SpaceX reported a net loss of $4.94 billion in 2025 on revenue of $18.67 billion. The company recorded another $4.27 billion loss in the first quarter of 2026, reflecting capital spending on Starlink, launch capacity, computing infrastructure, and artificial intelligence initiatives.

Those losses have not stopped the rally. But they have widened the gap between what SpaceX is today and what investors are paying for it to become.

That is where the Bitcoin comparison becomes useful. Bitcoin’s market value has always depended on what buyers are willing to pay for scarcity, network strength, and future monetary relevance. SpaceX is now being priced with a similar forward-looking logic, only through the structure of a public company attached to Musk.

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

While Musk’s fortune may not stay above Bitcoin’s market value forever because SpaceX shares could fall, Bitcoin could rebound, or both could move sharply in opposite directions.

However, the milestone captures the current state of risk appetite: the biggest speculative trade in markets is no longer necessarily a token. It is a rocket company.