$135 per share! Is SpaceX's pricing really expensive or cheap?

Many people are asking, is the offering price of $135 per share for SpaceX expensive or cheap? Let me do some calculations for everyone.

At this price, SpaceX's issuance volume is 555.6 million shares, with a base fundraising amount of $75 billion, and an overall valuation approaching $1.77 trillion to $1.8 trillion. What kind of company is this? After going public, SpaceX's market value will directly surpass Tesla, becoming the seventh-largest company in the U.S. Musk himself will see his net worth soar to the trillion-dollar level, making him the first trillionaire in human history.

However, there is controversy here. Morningstar came out and said that SpaceX is only worth $63 per share, less than half of the offering price. Valuation expert Aswath Damodaran also poured cold water, saying the true valuation should be around $1.3 trillion, or about $99 per share.

So, do you think this pricing is reliable? I think it's just "Musk premium." You can't use traditional metrics like P/E ratio or P/B ratio to value SpaceX — it posted a net loss of $4.9 billion last year, and losses are still widening in the first quarter. But who cares? This company isn't doing ordinary business; it's in the rocket launches, Starlink, space data centers, these "top-tier" industries. The prospectus itself states that the AI-related market opportunity is $23 trillion, in other words, they've painted a huge pie, and the key is that people believe in it and are actually investing money.

The final pricing will be decided on June 11. Given the current subscription scale of $250 billion, the $135 price may not be the final price at all — it might even go higher. Do I think it's worth it? I can only say that in the space economy track, SpaceX is the only leader, with no second place. This scarcity alone probably justifies a premium. #SpaceX認購規模超2500億美元