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Jordi Visser, founder of Visser Labs, estimated Bitcoin (BTC), SpaceX (SPCX), Anthropic, and OpenAI were worth roughly $8 trillion combined when he grouped them as a single bucket of future-oriented assets in an interview with Anthony Pompliano published Saturday.
Current figures cited in the same report put that aggregate closer to $5.3 trillion, a gap of nearly $2.7 trillion between Visser’s recollection and the amount the four assets actually trade at or were last privately valued at.
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 Jordi Visser: "When you get all mad and say this house of cards is going to crumble down… it's not. The governments can't allow it to." "The choice they've made is to inflate assets out of this, to make sure the entire market becomes financialized." Tokenization is the bridge… <a href="https://t.co/3x9tW7KijX" rel="noopener noreferrer nofollow">https://t.co/3x9tW7KijX</a><a href="https://t.co/hU8TdVvkLQ" rel="noopener noreferrer nofollow">pic.twitter.com/hU8TdVvkLQ</a>— Milk Road Crypto (@milkroaddaily) <a href="https://x.com/milkroaddaily/status/2098095233351422069?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 10, 2026</a>
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The grouping’s logic isn’t corporate accounting; it’s strategic importance. “That is, $8 trillion worth of things that, in my opinion, are so important to the future.
People are still talking about the level of the Fed funds rate and oil,” Visser said. The question worth testing is how much of that $5.3 trillion actually reflects an absence of profit, and how much reflects Visser’s shorthand outrunning the underlying numbers.
<h2 class="wp-block-heading" id="why-has-jordan-visser-grouped-bitcoin-into-his-8-trillion-asset-basket">Why Has Jordan Visser Grouped Bitcoin into His $8 Trillion Asset Basket?</h2>
<figure class="wp-block-image size-large"><img width="1024" height="696" src="https://tokenist.com/wp-content/uploads/2026/09/Screenshot-2026-09-14-at-09.31.20-1024x696.png" alt="In Bitcoin ETF news, Jordi Visser estimated Bitcoin (BTC), SpaceX (SPCX), Anthropic, and OpenAI were worth roughly $8T combined ">
 <figcaption><a href="https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">SOURCE: TradingView</a>
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Bitcoin’s market capitalization stood close to $1.5 trillion at the time of the report, with the token trading over $76,000 and down 0.9% over the prior 24 hours.
Stocktwits retail sentiment on Bitcoin sat in “extremely bearish” territory alongside “low” chatter levels, a sentiment backdrop that sits awkwardly against Visser’s framing of the asset as one of the four most important things for the future.
“You have four things. None of them made money, and I threw Bitcoin into it,” Visser said. That line does double duty in his thesis, but it flattens a real distinction: Bitcoin is a protocol and a bearer asset, not a company with an income statement, so “didn’t make money” describes it differently than it describes SpaceX or OpenAI.
Bitcoin’s valuation is a function of price times circulating supply, not revenue minus expenses, which is precisely the point Visser is gesturing toward when he argues investors are underweighting <a href="https://tokenist.com/openai-pacing-frontier-ai/" rel="noopener noreferrer nofollow">frontier-AI strategic positioning</a> relative to legacy macro inputs like the Fed funds rate.
<a href="https://tokenist.com/investing/next-crypto-to-explode" rel="noopener noreferrer nofollow">Crypto Expert Report: What Are the 10 Next Crypto to Explode in 2026?</a>
<h2 class="wp-block-heading" id="spacex-anthropic-and-openai-revenue-without-traditional-profitability">SpaceX, Anthropic and OpenAI: Revenue Without Traditional Profitability</h2>
<figure class="wp-block-image size-large"><img width="1024" height="561" src="https://tokenist.com/wp-content/uploads/2026/09/Screenshot-2026-09-14-at-09.32.16-1024x561.png" alt="In Bitcoin ETF news, Jordi Visser estimated Bitcoin (BTC), SpaceX (SPCX), Anthropic, and OpenAI were worth roughly $8T combined ">
 <figcaption><a href="https://uk.finance.yahoo.com/quote/SPCX/" rel="noopener noreferrer nofollow">SOURCE: Yahoo Finance</a>
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SpaceX reported a positive adjusted EBITDA of $6.6Bn for full-year 2025, despite a GAAP net loss of $4.9Bn, indicating real operating cash flow while still experiencing a bottom-line loss due to depreciation, interest, and taxes. This contrasts with the other two private labs.
In May, Anthropic reported a revenue run rate of $47Bn, suggesting it is not revenue-free, though net profitability remains unclear. SpaceX went public on June 12, closing its first trading day at approximately $2.1 trillion, making it the largest item in Visser’s basket.
Anthropic was valued at $965Bn in May, and OpenAI at $852Bn in March, based on recent private financings. Together, SpaceX’s first-day close, Anthropic’s and OpenAI’s private valuations, and Bitcoin having a roughly $1.5 trillion market cap approach $5.3 trillion. However, these figures use different metrics and should be evaluated separately for revenue, losses, and market dynamics.
<h2 class="wp-block-heading" id="the-counter-thesis-trust-and-velocity-versus-cash-flow">The Counter-Thesis: Trust and Velocity Versus Cash Flow</h2>
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 <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f6a8.png" alt="🚨" style="height: 1em; max-height: 1em;"> MACRO ANALYST JORDI VISSER ON THE CONNECTION BETWEEN SPACEX <a href="https://x.com/search?q=%24SPCX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPCX</a> AND BITCOIN: "SpaceX and Bitcoin are basically to me the SAME THING. They're both based on a belief that people have in the future. They're not about anything fundamental right now." Two of the most talked… <a href="https://t.co/DDlWp4Km1O" rel="noopener noreferrer nofollow">https://t.co/DDlWp4Km1O</a><a href="https://t.co/r9d9JGTnn0" rel="noopener noreferrer nofollow">pic.twitter.com/r9d9JGTnn0</a>— WOLF Bitcoin (@WOLF_Bitcoin_) <a href="https://x.com/WOLF_Bitcoin_/status/2069390016665813416?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 23, 2026</a>
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Visser’s broader argument is that markets are repricing value away from earnings entirely. “We are leaving a world of revenues, and we are entering a world of two things that have value-trust and velocity,” he said, adding that AI-driven hacking risk was compressing terminal value for companies whose worth depends on uninterrupted continuity.
He framed this as déjà vu. Visser recalled traveling to Silicon Valley in 2013 to understand how Amazon (AMZN), up 17,000% since its 1997 IPO, kept setting new highs while barely turning a profit.
“It’s a bubble. It can’t possibly be real on the metrics that I know,” he said he thought then, before a stint at Singularity University changed how he evaluated companies going forward.
The parallel is instructive but not proof. Trust and velocity are real inputs to valuation when they translate into durable demand or network effects, but they are also the exact language used to justify premiums that later compressed hard when rate expectations or growth narratives shifted.
Visser’s framework asks investors to bet that this time the strategic importance is structural rather than sentiment-driven – a bet the market hasn’t yet had to settle for three of the four names in the bucket, since SpaceX, Anthropic and OpenAI remain either newly public or entirely private.
<a href="https://tokenist.com/investing/best-meme-coins-to-buy-now" rel="noopener noreferrer nofollow">Crypto Expert Report: What is&nbsp;the Best Meme Coin to Buy and Forget Until the Next Bull Run?</a>
The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-etf-news-valuation-future-assets/">Does Bitcoin Sit With SpaceX, Anthropic, and OpenAI? $1.5T Role Exposes Limits of Visser’s Asset Basket</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.

Does Bitcoin Sit With SpaceX, Anthropic, and OpenAI? $1.5T Role Exposes Limits of Visser’s Asset Basket

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