SpaceX, Tesla to Spend $16.8B on Terafab Chip Factory in Texas
The move comes as Elon Musk’s companies look to secure chip capacity for AI, robotics and space-based data centers.
Elon Musk
Eric Trump and Musk attack Bloomberg over SpaceX coverage
Eric Trump went after Bloomberg on Thursday for its description of SpaceX as “overpromising and underdelivering.”
Eric Trump posted launch figures on X in defense of the company, and was later joined by Elon Musk, who wrote that “Bloomberg is garbage.”
“Bloomberg is garbage,” says Elon Musk
In its recent coverage of SpaceX, Bloomberg referred to the company as one that overpromises and underdelivers, sparking the ire of both Eric Trump and Elon Musk.
Eric Trump responded by quoting Bloomberg’s “overpromising and underdelivering” line with statistics that show that SpaceX was responsible for roughly 80 to 85% of all mass launched to orbit in 2025, compared to about 8 to 10% for China. He also said that the company completed “165 successful Falcon flights with zero failures.”
Musk’s reply was shorter, simply writing, “Bloomberg is garbage,” to his followers. The post drew more than 1,600 likes within hours.
The “overpromising” charge that Eric Trump was trying to disprove relates to targets Musk has set but not yet met.
Musk has a record of disputes over his public statements, including an announced plan to take Tesla (NASDAQ: TSLA) private that never happened.
Cryptopolitan reported SpaceX’s first earnings. SpaceX reported $7.81 billion in second-quarter revenue, up 92% from a year earlier, but also a $541 million net loss and $18.37 billion in quarterly capital spending.
Company executives said the 13th Starship test still needs regulatory approval before it can happen. They also said a Starlink upgrade will not be fully available to customers until about 1,000 new satellites are in orbit.
SpaceX’s Starship program has cost over $15 billion so far, including $3 billion in 2025 and nearly $900 million in early 2026. The company expects Starship to start delivering payloads to orbit in the second half of 2026, but that milestone remains ahead of it.
Why do Eric Trump and Elon Musk keep attacking the media?
Eric Trump told Fox News host Sean Hannity back in 2017 that critics of his father were “not even people.” He also called the news media “out of control.” That same year, he told a radio show that dwelling on negative coverage could push someone to “end up killing yourself out of depression.”
During the 2024 campaign, he defended claims about FEMA that officials had labeled disinformation, telling Scripps News, “It’s not misinformation. FEMA has run out of money.”
Musk has had many similar clashes that have escalated as his platform has grown. The Guardian columnist Jane Martinson wrote about Musk’s interview with Zanny Minton Beddoes, the editor-in-chief of The Economist, who he called a “traitor to the West” after the interview ended. He also said the mainstream press is a “reality distortion nightmare mirror.”
A separate spat with President Donald Trump in June 2025 erased $34 billion from Musk’s net worth in a single day. During that dispute, Musk threatened to decommission SpaceX’s Dragon spacecraft but ultimately reversed his decision five hours later.
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Elon Musk Says Grok Will Generate Its Own Feature-Length Version of “The Odyssey” for People Allergic to Progressive Ideas
Is it possible to not like a movie in a normal way? Can it simply not be “your thing” without being transposed onto some intangible, ever-raging culture war?
It certainly isn’t if you’re an anti-woke crusader like SpaceX CEO Elon Musk. Like a lot of very online right wingers who are suddenly qualified classicists, he’s very upset about the new Odyssey adaptation directed by Christopher Nolan.
Nolan, according to Musk, “desecrated Homer and groveled on his knees just to meet the woke rules required to win an Oscar.” That’s because his movie dares to do stuff like cast Black women and a trans man in prominent roles, making the director what Musk termed an “anti-White racist.” In other words, it’s supposedly not “historically accurate” — never mind the fact that the epic poem contains gods wandering the Earth and a Cyclops.
Thankfully, there’s a wonderful piece of technology called AI out there that’s perfect for realizing the juvenile aesthetic predilections of stunted creatives who want to wallow in an imagined idea of what the past was like.
“Before this year ends, Grok Imagine will make a full-length movie of The Odyssey that is historically accurate and true to the art of Homer,” Musk declared Tuesday, referring to his own AI video generator.
Musk’s post quoted, and implicitly endorsed, a three minute dialogue scene that another user generated with Grok Imagine, featuring a virtual cast that looks more Western European than Mediterranean. No comment from Musk on if this was sufficiently “historically accurate,” of course, despite previously accusing Nolan of having “total contempt for the Greek people” with his casting.
Someone should probably let Musk know that there’s already a fully AI-generated Odyssey adaptation coming out, but the creators behind that one seem to respect Nolan, so it probably won’t be anti-woke enough for his taste.
But maybe the perfect Odyssey film doesn’t have to be AI-generated, if it’s in the hands of the right director.
One Musk fanboy suggested that he should “give Mel Gibson $100 million” to create a “painstakingly historically accurate” adaptation. Musk replied, “I’m down.” (The last movie Gibson directed, “Flight Risk,” was ripped to shreds by both critics and audiences.)
Though for the past few months Musk has fought like a combatant in the Trojan War to drum up controversy over Nolan’s film, his efforts have failed spectacularly. It opened to $264 million globally and will probably make a billion dollars, if not more, by the end of its run. It’s gotten rave reviews from critics, and moviegoers seem to love it, too.
And is anyone surprised? Nolan is a beloved figure in Hollywood with legions of fans. Musk has his own army of devout followers, too, but the difference is that Musk is constantly miserable, alienating even some of his own followers with his extreme takes.
Nolan, whether you like his movies or not, is a showman that wants you to have a good time. Even Musk said Nolan was “awesome” a few years ago. Audiences will remember that they liked some of his other films and turn out for his new one. They probably won’t take notice Musk melting down about it online, even if each of his posts gets hundreds of thousands of likes on his platform he remolded to be his personal echo chamber.
More on Elon Musk: Elon Musk Says His Goal Is for SpaceX to Be Worth More than the Entire Earth
The post Elon Musk Says Grok Will Generate Its Own Feature-Length Version of “The Odyssey” for People Allergic to Progressive Ideas appeared first on Futurism.
Elon Musk’s AI Startup Is a Complete Disaster Behind the Scenes
Elon Musk’s AI startup, xAI, is in turmoil behind the scenes.
The company is constantly playing catch-up with rivals Anthropic, with Musk personally obsessed with having his chatbot Grok match Anthropic’s Claude, Bloomberg reports. And its merger with SpaceX, followed by the latter going public in a historic IPO, led to dozens of employees leaving the company, throwing daily operations into chaos.
To get the house in order, Musk promoted Michael Nicolls to lead xAI (which was recently renamed SpaceXAI). But his work was cut out for him. As part of Musk’s plan to rebuild the company, xAI was seeking to slash up to 30 percent of its workforce in March, and that led to employees being fired without anyone informing them, according to Bloomberg.
Its efforts to hire new talent were equally fraught. Promising candidates would get interviewed and not hear back, because the understaffed human resources department couldn’t finish the necessary paperwork, according to the reporting.
Another challenge was Musk’s obsession with Claude. Reportedly, every time the Anthropic chatbot got an update, Musk demanded that Grok should match it. Numerous projects referenced Claude and some Slack channels were even named after it. Keeping up with Claude had become the startup’s explicit mission.
“Our near-term goals are to match the performance of Claude,” Nicolls wrote in a memo to staffers after becoming xAI president, per Bloomberg.
Some began to doubt Musk’s leadership, believing that the centibillionaire, whose success was built on making cars and engineering rockets, was out of his depth. One of his most ambitious projects, Macrohard, aimed to create a powerful AI agent system capable of emulating an entire software company — something that experts are skeptical is even possible. Soon, some employees complained that creating large language models was much different from creating hardware, per Bloomberg, believing Musk didn’t understand AI.
Other controversies further sowed chaos and dampened morale. At the beginning of the year, Grok sparked outrage for being used to generate millions of conconsensual nudes of real people, including children, disturbing some employees, according to Bloomberg. xAI also told employees that it would pay them to feed their tax returns to train Grok, but never did.
xAI cofounders soon gave a clear vote of no confidence in the company’s direction. In February, some began leaving as Musk prepared to merge xAI with SpaceX ahead of its IPO, and soon after the merger was completed, all eleven of xAI’s cofounders had fled the company.
As the IPO date loomed ever closer, xAI company found itself in such a precarious position that it sold some of its glut of computing power to Anthropic — an ironic development given Musk’s desperate attempts to have xAI emulate its AI chatbot, Claude.
The largest AI companies, including Anthropic, have all struggled to find or build the computing capacity necessary to train and run their powerful systems. xAI is the rare exception, with its model using just 11 percent of its vast array of computing power in April, according to Bloomberg. It also agreed to sell computing power to Google and another AI startup called Reflection.
These agreements secured a multibillion dollar revenue stream, but directly benefited xAI’s biggest rivals — and in a way, waved a big white flag. xAI was practically admitting it wasn’t on the same level as the industry’s top dogs, and was contenting itself with selling hardware, and not building the best AI model.
More on xAI: Grok’s Foul-Mouthed AI “Translation” Feature Puts Unspeakably Ghoulish Words Into Users’ Mouths
The post Elon Musk’s AI Startup Is a Complete Disaster Behind the Scenes appeared first on Futurism.
SpaceX gifts stock to Trump Accounts while Trump doubles down on the stock market
Gwynne Shotwell, the president of SpaceX (NASDAQ:SPCX), said on Monday that she will give away company stock to help fund the new Trump Accounts program, adding her name to a growing line of companies and rich business owners who are backing the children’s savings plan.
The gift comes from stock owned by Shotwell and her husband. It will be split among close to 2 million Trump accounts. In a post on X, Shotwell said the money would go a little more toward kids living near her home in central Texas. “We have been fortunate in our careers and hope this gift encourages the next generation to continue the journey of enabling humanity to live and fly amongst the stars,” she wrote.
Shotwell also works as SpaceX’s chief operating officer and owns one of the biggest individual stakes in the company, worth close to $2.4 billion after its IPO broke records last month. As reported by Cryptopolitan previously, the stock has since seen sharp swings.
Just days before her announcement, on Thursday, President Trump told CNBC host Joe Kernen that he believed SpaceX chief Elon Musk would also give stock to the program.
Other companies have already joined in
The accounts with the tax code of 530A began on July 4th. They are for the children born between 2025 and 2028. They will receive $1,000 initially from the U.S. Treasury.
There are other big companies as well, before SpaceX. Intel, Robinhood and Micron have all said that they will add their own money. Micron has even announced a one-time payment of $250 million divided among all the children’s accounts in the towns where it does business.
Michael and Susan Dell stood beside Trump on Monday, marking their $6.25 billion pledge.
Other billionaires, including investor Ray Dalio, have made their own separate promises. Trump even joked that kids had missed out on recent stock gains simply because the accounts took so long to launch.
Trump rings the bell from the Oval Office
Trump himself marked the day by ringing the opening bells for the New York Stock Exchange and the Nasdaq, all from inside the Oval Office. The moment showed just how closely he has linked his time in office to how stocks are doing.
🇺🇸💸 July 6, 2026 pic.twitter.com/tbXKgxXh7X
— The White House (@WhiteHouse) July 6, 2026
With prices still running high and hurting his standing with voters, Trump has pushed Americans to pay more attention to their 401(k) accounts, saying his policies deserve the credit for any gains, especially with the November midterms coming up.
“It’s going to go up, I think the market’s going to go through the roof,” Trump said once trading began.
Yet only 33% of American adults say they approve of how Trump is handling the economy, based on a June survey from The Associated Press-NORC Center for Public Affairs Research. That number may explain why ringing the bell might not do much for his party’s chances with voters this fall.
The S&P 500 climbed 17.9% in 2025. That followed even bigger jumps of 25% in 2024 and 26.3% in 2023, both under President Biden. So far this year, the index is up about 10%. But like Biden before him, Trump has watched his approval ratings slide as prices keep climbing.
He won in 2024 partly by promising to lower costs, yet his tariffs and the start of fighting in Iran have added new pressure on prices. The consumer price index has risen 4.2% over the last year, up from 3% when Trump began his second term in January 2025. Even so, Trump is counting on these new investment accounts to give younger Americans a real stake in the economy going forward.
Separately, SpaceX is set to officially join the Nasdaq-100 on Tuesday. That means investors holding money in funds tied to the index will end up owning SpaceX shares, whether they meant to or not.
Funds managing a combined $800 billion, including the well-known Invesco QQQ ETF, will buy SpaceX shares at Monday’s closing price to keep in step with the index. This follows new rules that let large, newly public companies join the Nasdaq-100 faster than before.
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DOGE Ends, Bitcoin Begins? Musk and Saylor’s July 4 Posts Fuel Speculation
The Department of Government Efficiency (DOGE) officially ended on July 4, the sunset date written into President Donald Trump’s January 2025 executive order. Posts from Elon Musk and Michael Saylor quickly fueled speculation that Bitcoin (BTC) inherits the reform story.
Musk, DOGE’s former co-leader, marked Independence Day with a patriotic video montage instead of a farewell to the program. Meanwhile, MicroStrategy’s executive chairman answered him with one loaded line.
DOGE Ends With No Report and No Farewell
Trump’s January 2025 executive order created DOGE as a temporary organization. It set termination for July 4, 2026, America’s 250th birthday.
The program barely made it that far. DOGE had already collapsed as a centralized body last November, months ahead of schedule. Its public savings tracker went silent after January 1.
The commission claimed $215 billion in savings, about $1,335 per taxpayer by its own math. That equals roughly 3% of one year’s $7 trillion federal budget, and a fraction of the $2 trillion Musk pitched in October 2024.
Office of Management and Budget Director Russ Vought told lawmakers this week that no closing report is planned, Politico reported.
Musk, who left Washington in May 2025 after 130 days as a special government employee, always framed the ending as intentional.
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The efficiency concept has meanwhile traveled beyond Washington. New York City Mayor Zohran Mamdani recently launched a municipal efficiency version of the playbook.
Michael Saylor Answers Musk With a Bitcoin Pitch
Marc Andreessen opened July 4 with a five-minute montage of American history and the caption “God bless America.” Musk shared the same video hours later.
Saylor then replied to Musk directly, swapping a letter for the Bitcoin symbol.
Saylor has run this play before. In December 2020, he publicly urged Musk to shift Tesla’s balance sheet into Bitcoin. Tesla bought $1.5 billion worth two months later, then suspended BTC payments in May 2021 over energy concerns.
That history shaped the reaction. Traders read the exchange as a handoff from government reform to sound money, and some replies urged Tesla to resume Bitcoin payments. BTC trades near $62,584, up about 1% in 24 hours.
The timing carries irony for Saylor. Strategy faces questions over a reported 491 BTC sale and a dividend policy JPMorgan called risky. Meanwhile, Saylor pits MSTR against the Magnificent 7.
Neither Musk nor Saylor mentioned DOGE by name. The debate now turns on whether innovation and Bitcoin truly replace the reform push, or whether the ₿etter reply stays a holiday flourish.
The post DOGE Ends, Bitcoin Begins? Musk and Saylor’s July 4 Posts Fuel Speculation appeared first on BeInCrypto.
Short interest in SpaceX jumps to 13% from 8% in one session
Ortex Technologies, an analytics business, reports that short sellers are increasing their bets that Elon Musk’s SpaceX would continue to decrease after the company’s share price dropped from the highs it attained soon after going public on June 12.
The sale took place during a challenging period for the market as a whole.
The Nasdaq 100 was on track to lose more than $1 trillion in value on Tuesday as key IT businesses and semiconductor stocks declined.
SpaceX’s market value fell below $2 trillion for the first time since it began trading in the US.
Over the past three trading days, the business, which is anticipated to be included in the Nasdaq 100, has lost approximately $600 billion.
It would close with a market value of $1.95 trillion if Tuesday’s losses continued.
After peaking at $225.64 a few days after its launch, the stock is already down nearly 30%. Short sellers have been enticed into this downturn, which is part of a broader market decline, faster than many had predicted.
Data from S3 Partners indicates that roughly 40 million SpaceX shares are currently held in short positions, representing about 5%–7% of the company’s publicly tradable shares.
Recent figures suggest bearish bets are growing rapidly.
Ortex reports that short interest has climbed from 8% in the prior trading session to 13%, reflecting a sharp increase in the proportion of publicly available shares that have been sold short.
“A jump like this is a clear sign that a growing number of traders are positioning for the price to fall sharply,” stated Peter Hillerberg, co-founder of Ortex.
Borrowing the shares is getting easier
Traders are increasing their bets against the stock because it has become easier and cheaper to borrow shares for short selling.
“Shares are becoming more accessible,” said Sam Pierson, head of research at S3 Partners.
He noted that short sellers were paying about 0.60% annually to borrow shares.
While that is higher than the roughly 0.30% charged for the easiest-to-borrow stocks, it still suggests there is plenty of share supply available and fewer concerns about finding stock to short.
Ortex numbers, which demonstrated that the cost of borrowing is still low at roughly 1% and balances the supply of shares to lend against the desire to short a company, supported this.
At the start of trading, it hit 14%. There is still a lot of stock available for lending, according to Ortex, which says that utilization, or the percentage of available stock that is on loan, is currently at roughly 39%, up from the mid-30s last week.
The approach toward SpaceX is different from those of other large IT firms.
The Magnificent Seven, Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla, only have 1% to 3% of their free floats traded short.
Ortex figures show that borrowing costs for those names are between 0.25% and 0.33%.
Options traders lean bearish
The derivatives market appears to be signaling a similar outlook.
According to Reuters, investors are assigning roughly a 40% probability that SpaceX’s share price will drop below $130 by mid-September.
Steve Sosnick, chief strategist at Interactive Brokers, noted that “The options activity has gotten more balanced.”
However, in several option series expiring between July and September, the number of outstanding put options, which gain value when the stock declines, is nearly double the number of open call options.
Ultimately, speculators who anticipate a decline will probably continue to be drawn to Musk’s rockets-and-AI company due to its high price tag.
Despite the $2 trillion value making it an apparent target, a number of factors, such as Musk’s history of openly opposing short selling and significant acquisitions by institutional and individual investors, may deter short sellers.
A request for comment was not immediately answered by SpaceX.
The aggressive shorting points to a change in how the market sees the company.
Investors appear to be looking past Musk’s long-term promises and focusing more on near-term spending, treating SpaceX as a heavy industrial business rather than a light software play.
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Trump backs the U.S. taking ownership stakes in major AI firms
Vice President JD Vance said that Trump wants the U.S. government to have a stake in the country’s successful AI giants. He backs the idea as a sovereign wealth fund, making him “a very unconventional person”
Vance shared Trump’s plan on The Diary Of A CEO episode on Thursday. Vance added that it was an odd stance for a Republican White House.
“The president is supportive of the United States owning these big AI companies,” Vance said. He added that Trump “likes the idea as sort of a sovereign wealth fund idea,” and called him “a very unconventional person” for a Republican to think that way.
Vance also said he doubted that taxes alone could spread the coming AI fortune to workers, even if these firms pile up trillions of dollars over the next ten or twenty years.
“I’m very skeptical of that,” he said. He called pure redistribution “a very modern… liberal concept” that could leave the poor as “subservients of the rich.” He suggested labor unions might be a better model. “You’ve got to give the workers a seat at the table,” he said.
Musk pushed back on X
In a post Saturday, he wrote that it would be “better just to send money directly to the people from the Treasury.”
On worries about inflation, Musk said that “so long as the increase in goods & services exceeds the increase in the money supply,” which he expects from AI and robots, “there will not be inflation.” The newly minted trillionaire went further: “In fact, my prediction is that we will desperately be fighting deflation!”
Mark Cuban weighed in Saturday too, looking at the plan to move half of the major AI stocks into a government fund.
He said the idea “is not a plan” by itself. Cuban pointed out that these same firms would still need to raise hundreds of billions more in capital, which made him question whether taxpayer-funded stakes would really help taxpayers.
He raised the same doubt about data-center spending. He also asked who could be trusted to speak for taxpayers in such deals. “Certainly not politicians,” he said.
The back-and-forth follows a bill from Sen. Bernie Sanders (I-Vt.), introduced Thursday, that would tax major AI firms 50% of their stock into a federal fund. Sanders projects the fund would reach $7 trillion and pay Americans about $1,000 a year.
His American AI Sovereign Wealth Fund Act would make the leading AI companies pay a one-time stock tax to cover the cost.
Behind the scenes, senior Trump officials had already been talking about how to set up these stakes before the government’s export controls on Anthropic stirred up the industry. People familiar with the talks told Semafor that two Cabinet members had split ideas.
Treasury Secretary Scott Bessent wanted to use AI equity to seed Trump Accounts. Commerce Secretary Howard Lutnick preferred sending any equity into a sovereign wealth fund.
A hard sell across the industry
The talks are still early, with no decision made, and a meeting with industry CEOs that Trump promised earlier this month has not happened.
The idea remains a hard sell beyond OpenAI, which first pitched it last year.
In the past week alone, leaders at Microsoft and Meta have brushed it off. Trump told reporters last week he would gather “the top 12 or 15 executives very shortly” to talk about the industry “giving back something to the public,” but recent export controls could make any such meeting tense.
“What AI companies at all levels and structure need is proper guardrails and federal legislation on how we’re going to use artificial intelligence in the government,” said Caleb Max, head of the National Artificial Intelligence Association, last week. “I don’t think it’s infusing cash in them at this point.”
SpaceX’s strong IPO has cleared the way for OpenAI and Anthropic to go public, with both possibly valued near $1 trillion. Sen. Cynthia Lummis (R-Wyo.) called the proposal a “head-scratcher.”
Sen. John Kennedy (R-La.) said of AI leaders, “I trust them like I trust the rest-stop bathroom.”
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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.
The post Elon Musk’s wealth has now surpassed Bitcoin market cap amid SpaceX’s continued rally appeared first on CryptoSlate.
Michael Saylor wants SpaceX in the ‘Mag 8’ and says its Bitcoin holdings are why
Michael Saylor has put SpaceX inside Wall Street’s top technology group after the rocket company joined public markets at a value above $2 trillion. The Strategy (NASDAQ: MSTR) executive chairman posted on X after the June 12, 2026 listing and used the name “Mag8.”
Saylor wrote, “Congratulations @ElonMusk and $SPCX on a historic IPO. Thanks to you, 25% of the Mag8 now holds Bitcoin on the balance sheet.”
The SpaceX ($SPCX) offering became the largest IPO ever completed in the United States. Its opening valuation placed the company ahead of Tesla (NASDAQ: TSLA) and Meta Platforms (NASDAQ: META). Both were already included in the Magnificent Seven. That left investors with a simple problem. A company worth more than two members of the group was sitting outside the name. OpenAI and Anthropic are also possible IPO candidates, so the old label could become outdated quickly.
SpaceX forces Wall Street to rethink the name of its biggest stock group
Shay Boloor, chief market strategist at Futurum Equities, said Mag7 no longer gives investors the full picture. “It becomes very hard to keep using Mag 7 as the clean shorthand for market leadership because one of the most important companies in the world would immediately be outside the label,” he said.
These names are not official stock market categories. Banks, traders, investors, and financial media create them to describe companies receiving the most attention at a particular time. Wall Street has used this habit for decades. The “Nifty 50” covered popular large companies during the 1960s and 1970s. The “Four Horsemen” became a common term for major technology stocks during the late 1990s dot-com boom.
The SpaceX listing has now started another naming contest. One option spreading on X is “MANGOS.” One version includes Meta (NASDAQ: META), Anthropic, Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOGL), OpenAI, and SpaceX. Some investors use Apple (NASDAQ: AAPL) for the letter A instead of Anthropic. Apple is currently the third-largest U.S.-listed company by market value.
Aga Kuplinska, senior vice president of product development at Tidal Financial Group, said the term is already being used inside the industry. “We are already referring to it internally and the industry is picking up on it as well,” she said. Tidal works with asset managers that want to launch exchange-traded funds.
Dan Boardman-Weston, chief executive of BRI Wealth Management, suggested another option. He called it “Magna Atoms.” His version would combine the current seven companies with SpaceX, OpenAI, and Anthropic.
Bitcoin and AI reshape the list of companies controlling market weight
Michael Hartnett, chief investment strategist at BofA Global Research, created the Magnificent Seven name in late 2023. The group included Nvidia (NASDAQ: NVDA), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL), Meta (NASDAQ: META), Tesla (NASDAQ: TSLA), and Microsoft (NASDAQ: MSFT).
Earlier versions had already changed several times. FANG included Facebook, Amazon, Netflix (NASDAQ: NFLX), and Google. FAANG later added Apple. The Magnificent Seven removed Netflix and brought in Microsoft, Nvidia, and Tesla.
BofA expanded the idea again in a May 22 note, creating an “AI Big 10” by adding Broadcom (NASDAQ: AVGO), Micron Technology (NASDAQ: MU), and Advanced Micro Devices (NASDAQ: AMD) to the original seven. As of press time, LSEG data placed those ten companies at more than 40% of the S&P 500 by weight.
Saylor’s post also drew attention to the Bitcoin treasury disclosed by SpaceX in its SEC S-1 filing. The company reported 18,712 BTC worth about $1.18 billion at current prices. That total made SpaceX the eighth-largest publicly traded corporate holder of Bitcoin after its IPO.
Strategy remains the largest institutional Bitcoin holder. The company added more than 90,000 BTC during the first quarter of 2026 and passed BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). It also sold 32 BTC for about $2.5 million in late May to cover required quarterly dividends on preferred shares. That transaction was Strategy’s first Bitcoin sale since 2022.
Strategy records its Bitcoin at fair market value. That accounting method can cause major changes in reported profit and company valuation whenever Bitcoin’s market price rises or falls.
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