SPCX launched and surged to $228, now $137—down 40% from the peak.

It basically has caught up with BTC’s one-year drawdown 📉

Mainly because of these two points:
1) Current valuation is too high: SPCX’s market cap is about $200 trillion (share price around $145–150), corresponding to 2025 revenue of about $18.7 billion and a P/S multiple over 100x—at historical extreme levels

2) The company is still overall loss-making (AI business losses are huge). Starlink is profitable, but growth is slowing. Institutions like Morningstar believe fair value is only about $20k (about $62 per share)

What everyone cares most about is whether SpaceX is worth this price. We’ll deeply break down three core businesses! 🚀

1️⃣ Space launch (Space): Falcon + Starship is an absolute monopoly, with over 80% of global launch share. But Starship’s R&D is still strategically loss-making—burning cash to pave the way for the future.

2️⃣ Starlink (Connectivity): a cash cow! 10.3 million users, revenue share over 60%, and 49.8% high growth—the only stable profit-making segment, funding the whole group.

3️⃣ AI business: the biggest upside imagination—compute power + orbital data centers. In 2025 there is still a massive loss, but the potential market is on a trillion-dollar scale, and it’s Musk’s ultimate closed-loop.

So, in summary: in the short term, the price will indeed be held back by multiple factors, but for the long term, value investing is still a pretty solid target 🔥