Space Exploration Technologies, trading as SpaceX on Nasdaq under ticker SPCX, has reached a market capitalization of $2.43 trillion, roughly double Bitcoin's $1.24 trillion market cap and nearly equal to Amazon. Despite SpaceX's 14.9% gain since its initial public offering, the author argues Bitcoin is a better investment at current levels, citing its price trading below mining production costs and growing institutional endorsement from major banks including JPMorgan Chase, Citi, Morgan Stanley, and Bank of America. The author increased Bitcoin exposure to 4.7% of their portfolio in early June by purchasing the Morgan Stanley Bitcoin Trust ETF, which carries a 0.14% annual fee, and views Bitcoin's depressed price as an opportunistic entry point while considering SpaceX overvalued at 130 times trailing sales.
Bank of America Corp
Morgan Stanley
Citigroup Inc.
JPMorgan Chase & CoSpace Exploration Technologies Corp. Class A Common StockArticle argues SpaceX is overvalued at 130x trailing sales, implying negative valuation assessment.
Amazon.com Inc