The $1.5 trillion valuation given by PitchBook is quite modest; Elon Musk's halo premium alone is $15k. This bubble is even bigger than Starship.

SpaceX rumors of an IPO are circulating, aiming for a valuation of $1.75 trillion to go public. PitchBook considers a reasonable valuation to be $1.5 trillion, with the excess coming from space, AI narratives, and Musk's halo effect. Regarding AI business, Granda pointed out that last year it accounted for only 7% of revenue but generated a free cash flow loss of $14 billion, expressing pessimism about Grok's standalone profitability prospects. He expects it will be difficult to turn a profit in the next five years or even longer, and the goal of breaking even by 2029 or 2030 is clearly overly optimistic.