SpaceX Gains Over 6% Pre-Market. Musk Becomes First Trillionaire With Net Worth Rivaling Half of Crypto Market.
TradingKey - SpaceX stock price continued to rise today, making Elon Musk the world's first trillionaire, with a net worth equivalent to Bitcoin's total market capitalization.
In pre-market trading on June 15 ET, Elon Musk's aerospace company SpaceX (SPCX) extended its rally, climbing over 6% at one point to return above $170 before paring gains. Last Friday, SpaceX debuted on the Nasdaq, with its stock price surging to $179 at one point, up 35% from its IPO price of $135.
SpaceX price chart, Source: TradingView
The surge in SpaceX's stock price has propelled Elon Musk's net worth, making him the world's first trillionaire. Before the listing, Musk's net worth was below $800 billion; on the first day of trading, it briefly touched $1.2 trillion. According to Forbes data, SpaceX currently has assets of $1.1 trillion, far exceeding the wealth of Google ( GOOG) founders Larry Page ($294.1 billion) and Sergey Brin ($271.3 billion), Amazon ( AMZN) founder Jeff Bezos ($248.9 billion), and Oracle ( ORCL) founder Larry Ellison ($231.5 billion).
Notably, SpaceX's current market capitalization is $2.1 trillion, showing no significant gap from the total cryptocurrency market cap of $2.17 trillion. Musk's net worth is now "equivalent to half of the crypto sphere," approaching Bitcoin's total market cap of $1.3 trillion. This means that Musk's personal fortune alone could essentially buy all the world's Bitcoin, and SpaceX could swallow the entire crypto market.
While Musk and SpaceX have the capability to challenge the crypto market, they are unlikely to do so, as buying all the Bitcoin would effectively destroy it. Furthermore, as a public company, SpaceX faces constraints from compliance and shareholders. However, this does not rule out the possibility of personal or corporate Bitcoin purchases by Musk or SpaceX; therefore, crypto investors must keep a close eye on this.
According to CoinGeCoin data, SpaceX currently holds over 18,700 Bitcoins, ranking 12th globally, with holdings far exceeding those of public companies like Tesla ( TSLA) and Coinbase ( COIN) and other public companies. If the company continues to increase its Bitcoin holdings, it would not only stimulate the price of Bitcoin but also potentially drive SpaceX's own stock price higher in tandem, perhaps even experiencing gains similar to MicroStrategy ( MSTR) and see a similar or even larger rally.
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