SpaceX Breakdown Part 3: At US$135 a share, how should it be valued?
SpaceX Breakdown, Part 3.
This time, the key question is valuation. If SpaceX lists at US$135 per share and around US$1.75 trillion valuation, what exactly is the market buying?
For many investors, SpaceX used to mean rockets.
But the S-1 shows at least three layers:
Launch is the technical foundation.
Starlink offers a clearer recurring revenue story.
AI compute is the newest, and probably the most debated, valuation layer.
So the question is no longer just whether SpaceX is a strong company. The bigger question is what kind of company the market decides it is: a space company, a satellite connectivity platform, or an AI infrastructure company?
Take a look at the chart.
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