SpaceX closed its first trading day at $161 a share, up more than 19%, and Elon Musk became the world’s first trillionaire. While markets celebrated, Bloomberg senior commodity strategist Mike McGlone delivered a cold-water take on what Thursday’s historic listing actually means for crypto, equities and the broader capital markets.
A Structural Shift, Not a Temporary Rotation
The question most crypto investors are asking is whether the capital leaving digital assets for SpaceX and AI stocks will come back.
“Structural change,” he said. “Cryptos have unlimited supply of millions of coins worth billions and tracking nothing. That is being purged toward the only game left in town, now that gold and silver have peaked, which is U.S. stocks,” he added in an interview with Coinpedia.
That is not a prediction about the next few weeks. It is a statement about where speculative capital has decided to live, and McGlone does not see it reversing soon.
The IPO Wave and the Liquidity Question
With SpaceX now public and Anthropic and OpenAI both expected to follow later this year at valuations approaching $1 trillion each, the question of whether markets can absorb all of this simultaneously is one McGlone takes seriously.
“As I hear Jim Chanos say, supply is finally meeting demand in U.S. stocks,” he said, referencing the renowned short seller’s observation about the current IPO environment.
His read on what large public offerings represent is deliberately unsentimental. “IPOs are a great way for the insiders to get out and sell to the mainstream, akin to crypto insiders getting out via ETFs. It is the endgame.”
On SpaceX’s Valuation
Asked whether SpaceX at $1.75 trillion carries the same bubble characteristics he sees in crypto and equities more broadly, McGlone did not dismiss the concern but drew a critical distinction.
“Bubbles always precede use cases,” he said. “But at least SpaceX has earnings. Cryptos don’t, and they face unchecked supply for the unversed.”
That single comparison captures his broader thesis. SpaceX is expensive. It may be overvalued. But it is generating revenue through Starlink’s nine million plus subscribers and its commercial launch business.
The thousands of crypto tokens sitting at billion-dollar market caps with no earnings, no utility and infinite supply are, in his view, in a fundamentally different and more dangerous position.