Palantir, SpaceX, and Bitcoin: Unlikely Allies in the Battle for State Power
The financial research firm 10x Research has proposed an intriguing theory about three seemingly unrelated assets: Palantir, SpaceX, and Bitcoin. According to their post on X, each of these assets represents a different layer in the global struggle for state power.
Palantir is building infrastructure that makes states more powerful, particularly through its role in surveillance, targeting, and military intelligence systems. The company's government revenue grew 84% year-over-year in Q1 2026, with 206 deals valued at $1 million or more closed during this period.
On the other hand, SpaceX is building infrastructure that makes states less powerful, focusing on unjammable comms, private compute, and jurisdiction-free money. Its valuation is near Bitcoin's market capitalization, with a projected IPO pricing of around $1.75 trillion, more than Bitcoin's current market value of approximately $1.6 trillion.
Bitcoin, according to 10x Research, functions as the neutral financial layer that makes all these developments irreversible. It benefits whether state power strengthens or decentralized infrastructure expands, making it a likely winner in any scenario.