Elon Musk’s personal wealth has surpassed Bitcoin’s market value, a milestone that shows how quickly SpaceX’s public market debut has reshaped both asset rankings and the broader debate around speculative risk.
Mr. Musk’s net worth rose to about $1.32 trillion as SpaceX shares traded above $200, according to the Bloomberg Billionaires Index, extending a bull run that began last week with the company’s record initial public offering.
His estimated personal wealth at that level is Based on Bitcoin’s market capitalization of approximately $1.29 trillion. crypto slate Digital asset pricing.
While this comparison is intentionally inaccurate, it provides a striking snapshot of how SpaceX’s rapid rise to the center of global markets has pushed Musk’s wealth into uncharted territory.
Bitcoin rebound makes comparisons possible
Bitcoin remains the largest digital asset by market capitalization, but the gap has narrowed as the overall cryptocurrency market cools from last year’s highs.
According to , over the past year, the total value of the cryptocurrency market has fallen from its peak of about $4.21 trillion to about $2.23 trillion. crypto slate data. During this period, Bitcoin has fallen more than 50% from its all-time high of around $126,000 in late 2025 amid months of selling pressure and weakening risk appetite.
The reversal follows strong rallies that began during Donald Trump’s 2024 presidential campaign and continued into his return to the White House.
At the time, BTC soared above $100,000 for the first time as investors reacted to industry-friendly appointments and regulatory proposals, as well as expectations that Washington would take a more flexible approach to digital assets.
But those gains have evaporated this year as volume on crypto exchanges has declined, leveraged positions have been drained and capital has returned to big tech stocks, private market agencies and newly public growth companies.
Against this backdrop, Mr. Musk’s wealth milestone is less about Bitcoin’s loss of its role as a crypto benchmark and more about the speed at which SpaceX becomes a contender for speculative capital.
On the other hand, this comparison is even more striking outside of Bitcoin. With the crypto market worth about $2.23 trillion and Bitcoin worth about $1.29 trillion, Musk’s estimated fortune is now greater than the value of the rest of the digital asset market combined.
SpaceX becomes the new crowded trade in the market
The direct driver of Musk’s wealth is SpaceX, which trades on the Nasdaq under the ticker SPCX.
The company’s IPO price was $135 per share, but the price has since risen more than 50%, increasing its market value to about $2.7 trillion. The move has made SpaceX one of the world’s most valuable publicly traded companies, surpassing Amazon and approaching Microsoft’s market capitalization.
This rise has been fueled by a rare combination of scarcity, brand power, and momentum. crypto slate It was previously reported that only a limited portion of SpaceX’s stock entered public trading, leaving investors to compete for small stakes in one of the most anticipated listings in years. This imbalance helped turn demand into price pressure.
At the same time, individual investors were at the center of the sharp rise in stock prices.
Korean retail investors bought about $795.9 million in SpaceX stock on June 12, the first day of trading, according to market flow data cited by Global Market Investor. This made SPCX the most purchased US stock in a single transaction among South Korean retail traders.
The purchases exceeded three-month net purchases in several major U.S. technology companies. In the past three months, Korean retail investors bought $748.3 million in Micron Technology, $696.2 million in Nasdaq 100 ETFs, and $694.5 million in Marvell Technology, according to the same data.
Meanwhile, the rush to SPCX was also evident in the leveraged exchange-traded fund associated with the company, which saw heavy trading on its first day on the market.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said the total value of the two SpaceX ETFs exceeded $3 billion, up from about $1 billion a day earlier.
One of the products, trading under the ticker SPCH, recorded a second-day trading volume of approximately $1.3 billion. Balciunas said this was the highest second-day trading volume ever recorded by an ETF, surpassing the nearly $500 million recorded by BlackRock’s Spot Bitcoin ETF (IBIT) on its second day of trading.
This demand is notable because many products track the same underlying stock and offer similar leverage. This suggests investors aren’t just looking for long-term exposure to SpaceX. Many use funds to represent bets in short-term direction.
Ultimately, these numbers show that SpaceX is being treated more like a global momentum trade than a traditional aerospace public company.
Investors who missed out on IPO quotas are buying stocks in the open market, while others are turning to exchange-traded funds, options and crypto-related derivatives to gain exposure to the same products.
Questions about SpaceX’s valuation grow louder
The pace of the increase has heightened questions about whether SpaceX’s valuation exceeds its business base.
Mr. Musk has said SpaceX could reach $1 trillion in annual revenue by 2030, a goal that has helped investors see the company as more than just a rocket and satellite business. The market also values Starlink, artificial intelligence, launch infrastructure, and Musk’s broader technology ecosystem.
Current financials show that companies are still spending a lot of money to build their future. SpaceX reported 2025 revenue of $18.67 billion and a net loss of $4.94 billion. The company recorded an additional $4.27 billion loss in the first quarter of 2026, reflecting capital investments in Starlink, launch capabilities, computing infrastructure, and artificial intelligence initiatives.
These losses haven’t stopped rising. But they widened the gap between what SpaceX is now and what investors are paying for it to become.
This is where a Bitcoin comparison comes in handy. Bitcoin’s market value has always depended on how much buyers are willing to pay for scarcity, network strength, and future monetary relevance. SpaceX is currently priced with a similar forward-looking logic, only through the public company structure under Musk’s control.
So far, public markets are rewarding that story more aggressively than cryptocurrencies.
Mr. Musk’s fortune may not exceed Bitcoin’s market value forever, but SpaceX stock could fall, Bitcoin could rebound, or both could move sharply in the opposite direction.
But this milestone captures the current state of risk appetite, and the biggest speculative trades in the market are no longer necessarily tokens. A rocket company.
(Tag Translation) Bitcoin
