SPCX has listed on NASDAQ, and Elon Musk has revealed a profoundly shocking fact: SpaceX is not merely a space company—it is a massive “space economy monopoly.” Its valuation has surged to an astonishing $1.75 trillion, directly surpassing traditional tech giants such as Tesla (TSLA) and Facebook (META). The underlying logic behind this valuation premium, the absolute asset barriers it reflects, is exemplified by its Starlink network: the number of active satellites in orbit has already broken 10,000, leaving behind national-level forces from the US, China, and Russia, among others. SPCX’s stock price may not run smoothly, but from a financial and strategic perspective, this unprecedented scale of satellite infrastructure has enabled it to build a very high, and non-replicable, industry moat. As the commercialization of global low-Earth-orbit satellite internet accelerates, SpaceX is converting this monopoly-grade infrastructure advantage into a steady stream of cash flow and exceptionally strong valuation support. In the future space economy race, it is undoubtedly playing the role of rule-maker.