Author: Climber, CryptoPulse Labs
According to the latest SEC filings, SpaceX plans to issue approximately 556 million shares at $135 per share, raising $75 billion, corresponding to a valuation of about $1.77 trillion. Meanwhile, SpaceX is integrating rockets, Starlink, AI, orbital data centers, and the future space economy into a super narrative.
For the crypto market, what truly deserves attention is not the ‘space concept’ but the change in capital pricing logic. When capital begins to reallocate assets around AI, infrastructure, and future ecosystems, which directions in the crypto market will benefit from capital spillover effects?
So, which crypto sectors could become the core of the next cycle? This article explores the possibilities of industry cycle development logic based on this largest IPO event in history.
I. The AI narrative enters the second half: The market starts competing for ‘shovel sellers’
Over the past year, the main narrative around AI in the crypto market has undergone two changes.
In the first phase, the market traded AI applications. After ChatGPT exploded, a large number of AI Agents, AI assistants, AI social platforms, and AI content projects began to gain market attention.
In this phase, the market logic was simple: the closer you were to the end-user, the easier it was to get a valuation. But a problem quickly emerged: the barrier to entry for AI applications themselves is rapidly decreasing.
When a new AI application appears, it is easily replicated. After model upgrades, many applications may even be directly replaced. Thus, the market began to realize that what is truly scarce in AI is not the application layer but the underlying means of production.
SpaceX’s current IPO is also reinforcing this logic.
On the surface, SpaceX sells rockets, but the IPO filing and roadshow repeatedly emphasize AI, compute networks, and future data centers.
Goldman Sachs expects SpaceX’s AI revenue to grow 100-fold by 2030, essentially betting on future AI infrastructure. This logic, mapped onto the crypto market, means funds may further migrate toward AI underlying protocols.
First, there’s computing power. One of the biggest constraints for the AI industry right now is not the model itself but GPU resources.
From OpenAI to xAI, from Anthropic to Google, everyone is competing for high-performance computing resources. Even the sustained rise in Nvidia’s market cap was essentially the market repricing computing resources.
The crypto world has similar assets, such as TAO. Many previously understood TAO simply as an AI concept coin, but it is actually closer to an AI network layer protocol. It attempts to use token incentives to create an open network where models, computing power, and data contributors participate.
If the market continues to strengthen the AI infrastructure logic, TAO’s valuation framework may move further toward ‘AI network infrastructure’ rather than ordinary application projects.
Second, there are GPU compute networks. Projects like RENDER, AKT, and IO have long been understood as compute rental platforms, but they may need to be rethought. They don’t sell GPUs; they sell the liquidity of future computing power.
In the internet era, the most profitable thing wasn’t necessarily a website, but AWS. In the AI era, the most profitable thing may not be an Agent, but a compute network.
In the next cycle, a shift may occur. The past search was for which AI product would go viral. The future search may be for who is selling computing power.
The valuation systems for these two logics are completely different: the former depends on user growth, the latter on infrastructure value, and infrastructure typically has a longer cycle.
II. When trillion-dollar assets come on-chain: RWA may see a real breakout point
Behind the $75 billion fundraising scale, there is another question worth noting: why can SpaceX achieve a $1.77 trillion valuation?
Because the market believes in the future.
But the practical issue is that many ordinary investors actually cannot participate in the early stages of these future assets. This applies to OpenAI, SpaceX, and many AI unicorns.
This means a huge demand may emerge in the future: how to enable global capital to participate in future assets earlier and more efficiently? And the crypto industry is trying to solve this problem.
In the past, RWA mainly revolved around treasury bonds. The reason is simple: treasury bonds have low risk, simple structures, and are easy to put on-chain. But the future direction of RWA may not be limited to treasury bonds; it could extend to equity assets, stock assets, and even unlisted assets.
If more SpaceX-type assets partially enter the on-chain market in the future, it means the logic of asset trading may change.
There has historically been a huge gap between the primary and secondary markets, making it difficult for ordinary investors to participate in early high-quality assets. But if assets start moving on-chain, this boundary may be broken.
A new asset circulation model may emerge in the market, such as on-chain asset issuance, on-chain asset trading, on-chain asset clearing, forming a 24/7 global liquidity network.
This change might be bigger than DeFi, because DeFi reconstructs financial tools, while RWA may reconstruct the assets themselves.
So, from a project perspective, the biggest initial beneficiaries may not be asset projects but infrastructure projects. ONDO may benefit from the expansion of asset issuance, LINK may benefit from increased demand for asset data, and RWA networks like Plume may benefit from increased asset liquidity demand.
The market has previously traded tokens; the future may see it trading assets. Whoever controls the asset circulation network will control the gateway to value.
III. Stablecoins, payments, and DePIN: A new underlying logic is forming
If AI and RWA still belong to growth logic, another main line that may benefit is the infrastructure logic.
The most easily overlooked aspect of SpaceX is that rockets aren’t SpaceX’s real core; the truly valuable thing is Starlink.
Because Starlink is not a hardware business by nature; it’s a network business.
Networks typically have greater long-term value than products, because products can be replaced, but once a network reaches scale, it creates a moat.
A similar situation exists in the crypto market.
In the future, regardless of the development of AI, RWA, or on-chain securities, they will all ultimately require underlying settlement capabilities. Therefore, stablecoins could become one of the real big winners in the next cycle.
In the past, stablecoins were more often understood as a medium of exchange, but in recent years, they have gradually evolved into financial infrastructure.
Cross-border payments need stablecoins.
On-chain securities need stablecoins, AI economic systems need stablecoins, and global asset circulation needs stablecoins as well. This means the demand for stablecoins may no longer come from within the crypto market but from the real world.
Meanwhile, payment protocols may also enter a value reassessment phase. Many payment projects have long been undervalued by the market because payments appear to have slow growth.
But if the on-chain economy continues to expand in scale, the payment network itself could become a super gateway.
Beyond this, DePIN is also worth noting.
In the past, the market more often understood DePIN as a concept, but SpaceX has actually proven one thing: real-world infrastructure can achieve very high valuations.
And DePIN similarly attempts to use token incentives to build real-world networks. Wireless networks, mapping systems, storage networks, and compute networks all fall under this logic.
In the future, if the market begins to repricing real-world infrastructure, DePIN may usher in a new value reassessment.
Because what may be most valuable in the future is not applications, but the network itself. This was true for the internet era, the mobile internet era, and may still be true for the AI era.
Conclusion
SpaceX looks like an IPO event, but what it truly reflects is the new pathway for capital markets. The first phase is capital chasing stories, the second phase is capital chasing infrastructure, and the third phase is capital chasing cash flow.
Over the past few years, the crypto market has mostly stayed in the first phase. In the coming years, capital may gradually move into the latter two phases. AI infrastructure, RWA, on-chain securities, stablecoins, payment networks, and DePIN may not be the fastest growers in the short term, but they may be closer to the true underlying logic of the next cycle.
Because in every technological revolution, the ultimate biggest winners are often not the hottest applications, but those who build the underlying systems.
