We prove that for well-behaved small commutative rig (aka. symmetric bimonoidal) categories R the algebraic K-theory space of the K-theory spectrum, HR, of R is equivalent to K_0(π_0R)× |BGL(R)|^+ where GL(R) is the monoidal category of weakly invertible matrices over R. In particular, this proves the conjecture of Baas-Dundas-Rognes that K(ku) is the K-theory of the 2-category of complex 2-vector spaces. Hence, the work of the fourth author and Christian Ausoni on K(ku) shows that the theory of virtual 2-vector bundles as in Baas-Dundas-Rognes qualifies as a form of elliptic cohomology theory.