SpaceX is priced at approximately a 52x sales ratio for its $1.75 trillion IPO, and the valuation disagreement essentially revolves around the narrative anchor point. The market is debating whether it should be viewed as space infrastructure, a telecommunications operator, or an AI-driven technology company. The merger with xAI in February has introduced a key variable into the AI narrative, and the prospectus also shows the company expects a net loss of $4.94 billion in 2025, partly due to strategic investments in AI business.

This pricing bypassed traditional bookbuilding, with a fixed price of $135 per share, demonstrating Musk's control over market discourse. The most notable detail is that, compared to space industry peers, its valuation is relatively low, reflecting the market's general skepticism about the growth potential of traditional aerospace companies, and a willingness to pay a premium for the "AI + space" integrated narrative.
On June 11, SpaceX is set to go public, and there are clear differences in valuation comparisons between the space and AI industries: relative to space industry peers, SpaceX appears undervalued; but compared to AI and cloud computing companies, its valuation is relatively high. Based on an expected valuation of nearly $1.75 trillion, SpaceX's trading sales ratio is about 52 times, far above the average for large tech companies but below some space industry peers.
The valuation methods for Starlink, space business, and AI business differ significantly, and investors are still debating whether SpaceX should be valued as an infrastructure company, a telecommunications company, or an AI-driven technology company. $BNB
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