Elon Musk's "Three Stories" support a $1.8 trillion valuation

Many people don't understand why SpaceX is worth $1.8 trillion. Isn't it just launching rockets? Why is it so valuable?

Let me tell you, if you're still stuck on the idea that "SpaceX is just a rocket company," then you're completely mistaken. Currently, SpaceX, to be precise, is three companies bundled together and listed as one.

First layer: Space — rocket launch business. Falcon 9, Dragon spacecraft, Starship — these are SpaceX's core operations. Over the past three years, the majority of payloads sent into low Earth orbit worldwide have been completed by SpaceX. The technological barriers are extremely high, and profit margins are substantial.

Second layer: Starlink — global satellite internet. This is SpaceX's real cash cow. As of the end of March this year, Starlink's user base has surpassed 10.3 million. By 2025, Starlink's revenue is expected to reach about $11.4 billion, accounting for 61% of SpaceX's total revenue. This is no longer a money-losing project; it's a genuine money-printing machine.

Third layer: xAI — artificial intelligence. Yes, Musk has integrated xAI into SpaceX's publicly listed entity. The company claims that the AI-related market opportunity is as high as $23 trillion. They plan to build data centers in space, leveraging the advantages of space to break through ground-based power supply bottlenecks.

These three layers stacked together tell a completely different story. Wall Street no longer sees a "rocket company," but a super infrastructure company combining "communications network + AI infrastructure + space transportation." The imagination behind this narrative is truly boundless.

Of course, it's just a pie in the sky. First-quarter data shows that the AI business lost $2.47 billion, while Starlink earned $1.19 billion in profit. In other words, this pie is still in the dough-consuming stage. But who cares? In the capital markets, stories are often more important than financial reports. #SpaceX認購規模超2500億美元