From SpaceX going public to envisioning crypto’s future: which crypto sectors will continue the trillion-scale narrative?

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Author: Climber, CryptoPulse Labs

According to the latest SEC documents in the United States, SpaceX plans to issue approximately 556 million shares at $135 per share, raising $75 billion, with 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’s truly worth paying attention to is not the “space concept,” but the change in capital pricing logic. When capital begins reallocating assets around AI, infrastructure, and future ecosystems, which directions in the crypto market will experience capital spillover effects?

So which crypto sectors might become the core of the next cycle? This article explores the possible industry cycle development logic based on this historic largest IPO event.

1. AI Narrative Enters the Second Half: The Market Begins Competing for “People Selling Shovels”

Over the past year, the main narrative about AI in the crypto market has undergone two shifts.

The first phase involved trading AI applications, when after the explosion of ChatGPT, many AI Agents, AI Assistants, AI Social, and AI Content projects began gaining market attention.

The market logic at this stage was very simple: the closer to end-users, the easier to get valuation. But problems quickly emerged: the barriers to AI applications are rapidly decreasing.

When a new AI application appears, it’s easily copied. After model upgrades, many applications can even be directly replaced. So the market began to realize that what is truly scarce in AI isn’t the application layer, but the underlying production resources.

This IPO by SpaceX actually reinforces this logic.

On the surface, SpaceX is selling rockets, but the prospectus and roadshows repeatedly emphasize AI, computing networks, and future data centers.

Goldman Sachs estimates that by 2030, SpaceX’s AI revenue will grow 100 times, essentially betting on future AI infrastructure. This logic, mapped onto the crypto market, suggests that capital may further shift toward AI underlying protocols.

First is computing power. One of the biggest constraints in the AI industry isn’t the models, but GPU resources.

From OpenAI to xAI, from Anthropic to Google, all are competing for high-performance computing resources. Even Nvidia’s market cap growth has been driven by market re-pricing of computing resources.

Similarly, the crypto world has assets like TAO. Many previously understood TAO as an AI concept coin, but in reality, it’s closer to an AI network layer protocol. It aims to incentivize token holders to contribute models, computing power, and data, forming an open network.

If the market continues to emphasize AI infrastructure logic, TAO’s valuation framework may further approach “AI network infrastructure,” rather than just a typical application project.

Next is GPU computing network. Projects like RENDER, AKT, IO, which were long understood as computing rental platforms, may need to be reinterpreted. They’re not selling GPUs but the liquidity of future computing capacity.

In the internet era, the most profitable isn’t necessarily websites, but AWS. In the AI era, the most profitable may not be Agents, but computing networks.

In the next cycle, a shift may occur: instead of seeking which AI product will explode, the market may start looking for who is selling computing power.

These two valuation systems are entirely different: the former depends on user growth, the latter on infrastructure value, which generally has a longer cycle.

2. When Trillions of Assets Start Moving on Chain: RWA Could Experience a True Boom

Behind the $75 billion fundraising, another question worth noting is: why does SpaceX have a valuation of about $1.77 trillion?

Because the market believes in the future.

But the reality is that many ordinary investors cannot participate early in these future assets. This is true for OpenAI, SpaceX, and many AI unicorns.

This means there could be a huge future demand: how to enable global capital to participate earlier and more efficiently in future assets? The crypto industry is trying to solve this.

In the past, RWAs mainly involved government bonds, because they are low risk, simple in structure, and easy to bring on-chain. But future RWA development may extend beyond government bonds to include equity assets, private equity, and even unlisted assets.

If more assets like SpaceX begin to enter the on-chain market, it could change the logic of asset trading.

Historically, there has been a big divide between primary and secondary markets, making it difficult for ordinary investors to access early-stage high-quality assets. But if assets start to be tokenized on-chain, this boundary could be broken.

New asset circulation models may emerge, such as on-chain issuance, trading, and settlement of assets, forming a global 24/7 liquidity network.

This change could be even bigger than DeFi, because DeFi restructured financial tools, while RWA could restructure the assets themselves.

From a project perspective, the earliest beneficiaries may not be asset projects but infrastructure projects. ONDO could benefit from expanded asset issuance, LINK from growing asset data demand, and RWA networks like Plume from increased liquidity needs.

In the past, markets traded tokens; in the future, they may start trading assets. Whoever controls the asset circulation network holds the entry point to value.

3. Stablecoins, Payments, and DePIN: A New Underlying Logic Is Taking Shape

If AI and RWA still belong to growth logic, another main line that could benefit is infrastructure logic.

One often overlooked point about SpaceX is that rockets aren’t the core value; the real value lies in Starlink.

Because Starlink is fundamentally a network business, not hardware.

Networks tend to have more long-term value than products, because products can be replaced, but once a network reaches scale, it creates barriers.

The crypto market has similar cases.

In the future, whether AI, RWA, or on-chain securities develop, they all ultimately require underlying settlement capabilities. Therefore, stablecoins could become one of the biggest winners in the next cycle.

In the past, stablecoins were mainly seen as trading media, but in recent years, they have gradually evolved into financial infrastructure.

Cross-border payments require stablecoins.

On-chain securities need stablecoins, AI economic systems need stablecoins, and global asset circulation also requires stablecoins. This suggests that demand for stablecoins may no longer come solely from within crypto but from the real world.

Meanwhile, payment protocols may also undergo a valuation reset. Many payment projects have long been undervalued because payments seem to grow slowly.

But if the on-chain economy continues to expand, the payment network itself could become a super entry point.

Additionally, DePIN is also worth attention.

In the past, the market mostly viewed DePIN as a concept, but SpaceX proved that real-world infrastructure can achieve extremely high valuations.

DePIN also aims to build real-world networks through token incentives—wireless networks, mapping systems, storage networks, computing networks—all fundamentally aligned with this logic.

If the market begins to reprice real-world infrastructure, DePIN could see a new valuation reset.

Because in the future, the most valuable may not be applications but the networks themselves. This was true in the internet era, the mobile internet era, and may still be true in the AI era.

Conclusion

SpaceX appears to be an IPO event, but what it truly reflects is a new capital flow path in the market. The first stage is capital chasing stories; the second is capital chasing infrastructure; the third is capital chasing cash flow.

In recent years, the crypto market has mostly stayed in the first stage. But in the coming years, capital may gradually move into the latter two stages. AI infrastructure, RWA, on-chain securities, stablecoins, payment networks, and DePIN may not rise the fastest in the short term, but they are likely closer to the fundamental logic of the next cycle.

Because in every technological revolution, the ultimate winners are often not the hottest applications but those building the underlying systems.