Analyst: SpaceX's valuation is decoupled from the health of the AI industry, more like a trust premium on Musk.

BlockBeats News, June 18 — Dan Taylor of Invesco Group said that SpaceX’s valuation does not reflect the overall health of the AI sector. The company’s stock performance seems to be more of a bet on its CEO, Musk, personally, rather than being driven by a genuine AI narrative.

Taylor said it is unlikely that SpaceX will achieve Musk’s proposed $1 trillion revenue target by January 2030, but given his track record of past startups, investors’ trust in Musk remains sufficient—this “trust premium” is an important factor supporting SpaceX’s valuation. The subsequent issuance pace of publicly listed companies related to AI will depend on how long this round of AI spending boom continues.

Taylor noted that tech stocks have already shown a clear divergence: on the one hand, there has been a strong rise in semiconductor-related sectors; on the other hand, software-as-a-service (SaaS) companies have fallen. This divergence trend may continue until the business returns from AI investments become clearer.

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