SpaceX Breakdown Part 3: At US$135 a share, how should it be valued?

SG Visual Research
06-04 11:04
$特斯拉(TSLA)$  

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.


Space X US stock listing, the largest IPO listing in history!
Redefining the Valuation Logic of Global Commercial Aerospace In late March 2026, Musk's SpaceX was reported to have secretly filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC). Not only is this a milestone in the commercial space sector, but it is also likely to be the largest initial public offering ever made in the United States. From recyclable rockets to Starlink Internet, from space tourism to deep space exploration, the listing of SpaceX is redefining the valuation logic and industrial structure of global commercial aerospace.
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