SpaceX IPO targets $1.75 trillion valuation amid AI pivot

Last year, SpaceX recorded $18.67 billion in revenue, a 33% increase driven largely by Starlink, which now serves 10.3 million users via 9,600 satellites. However, the integration of xAI shifted the company from a $791 million profit in 2024 to a $4.94 billion net loss. Market analysts note that xAI currently trails competitors like Anthropic and OpenAI in enterprise adoption, with adoption rates hovering around 5% compared to the broader market penetration of its rivals.

Investors are entering the market at a significant premium. At an offering price of $135 per share, SpaceX trades at a price-to-sales multiple of approximately 94. This valuation reflects investor confidence in the company's launch cadence, which has grown from a single flight in 2006 to more than two per week. The core of this growth strategy is the Starship rocket, designed to carry over 100 metric tons to low-Earth orbit. If successful, this capacity would enable the deployment of orbital AI data centers, a cornerstone of the company’s long-term pitch to shareholders.