I just saw that SpaceX continues breaking records. Another Falcon 9 launch from Cape Canaveral, more Starlink satellites in orbit, and the constellation has already surpassed thousands of units. The interesting part isn't just that they do it, but how they do it: reusing the same boosters more than 20 times, something that seemed science fiction not long ago.

What has investors moving is the valuation circulating in secondary markets: around $1.75 trillion. To put it in context, that places SpaceX among the most valuable private companies on the planet. And it's not a number pulled out of thin air.

The case behind that valuation is supported by three main factors. First, dominance in launches: each mission is cheaper than the previous one thanks to reusability. Second, Starlink as a business in itself: if they truly achieve global coverage and penetrate rural markets and emerging economies, analysts talk about hundreds of billions just from that service. Third, top-tier engineering: each successful launch reduces risk and opens doors to new lines of business, from crewed missions for NASA to defense contracts.

But here’s the important part: that valuation of Starlink and SpaceX assumes near-perfect execution. The risks are real. Stricter regulations, competition from other satellite constellations, spectrum disputes, and the technical challenges of scaling Starship and higher-capacity satellites. The capital they need to keep investing is enormous.

A major launch failure, a Starlink service interruption, or a regulatory barrier could completely change how investors value all this. But as long as they continue executing as they have so far, each mission reinforces the narrative: SpaceX is not just a rocket company; it’s building planetary-scale orbital infrastructure.

The question now is whether those $1.75 trillion are conservative or excessive. It will depend on whether they achieve global profitability for Starlink, whether Starship works as expected, and whether they can truly open new revenue streams that justify being called more than just a space company. For now, Starlink’s valuation remains the thermometer of whether the market believes in the vision or not.