Have SpaceX and AI companies displaced Bitcoin in investor favor?

The recent buzz around SpaceX's potential stock market debut and the substantial capital being raised by artificial intelligence firms like Anthropic and OpenAI are overshadowing Bitcoin, potentially displacing it in investor favor. SpaceX's offering of young shares valued at $75 billion last week dominated social media, with online brokers in Germany facilitating pre-IPO subscriptions. Users on platforms like X eagerly announced their planned investments in Elon Musk's space venture.

Looking ahead, AI giants Anthropic and OpenAI are each seeking to raise approximately $50 billion from investors in the fall. Google has also announced an $80 billion capital increase, which would be the largest ever undertaken by a company. These tech firms are channeling massive investments into building more data centers to meet customer demand, requiring significant capital from institutional investors, hedge funds, pension funds, and sovereign wealth funds, as well as individual investors.

This surge in AI investment is directly impacting Bitcoin. The cryptocurrency's price, which had recently reclaimed the $80,000 mark, is now struggling to maintain the $60,000 threshold. The outflow is not primarily from retail investors but from institutional players; more than $4 billion has been withdrawn from Bitcoin ETFs in recent weeks, where large asset managers and pension funds had parked their capital.

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Bitcoin is decentralized money that operates without a state, and SpaceX has turned the space industry upside down.

Investors currently see more growth potential in AI than in Bitcoin. The SpaceX IPO, in particular, appeals to a similar demographic: tech-savvy, risk-tolerant private investors fascinated by disruption. While Bitcoin represents decentralized, state-independent money, SpaceX has revolutionized the space industry. Notably, SpaceX itself holds 18,712 Bitcoins, valued at $1.17 billion.

Even Bitcoin miners are pivoting. Companies such as Core Scientific, Hut 8, Iren, Riot, Mara, and Cleanspark are partly converting their capacities for AI data centers. Keel Infrastructure (formerly Bitfarms) and Cipher Digital (formerly Cipher Mining) have ceased Bitcoin mining altogether, partly due to the decreased profitability resulting from the cryptocurrency's price drop. This shift is reflected in the declining computing power dedicated to the Bitcoin network, which has fallen to 924 Exahashes per second, down from a peak of 1260 EH/s in October 2025. AI data centers now consume more electricity than the Bitcoin network, and investors are willing to finance this demand, making AI the currently "hotter" investment theme compared to crypto, according to Reuters.

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AI is currently the 'hotter' investment topic compared to crypto.