##SpaceX总市值重回2万亿美元 SpaceX Returns to $2 Trillion: The Tug-of-War Between Faith and Reality
On September 8, 2026, SpaceX's share price rose 3.65% to $153.35, bringing its total market capitalization back to $2.02 trillion, a new high since July 7. After nearly two months of volatility, the space giant has reclaimed the $2 trillion mark.
Supporting this market capitalization is the capital market's continued bet on three narratives. Starlink is the foundation—as of June 2026, SpaceX had launched more than 12,318 satellites in total, contributing over two-thirds of the company's revenue. Starship represents the upside potential—the 14th test flight has applied for an FCC license and is scheduled to launch no earlier than September 15, with the goal of attempting to reach orbit. AI is the new variable—the merger with xAI in February changed the valuation logic to some extent. Pivotal Research analysts explicitly pointed out that the $2 trillion valuation is "almost entirely a bet on overcoming an engineering bottleneck."
However, applause and skepticism have never been so sharply divided. SpaceX generated approximately $18.7 billion in revenue in 2025, making its price-to-sales ratio more than 100 times its sales. Morningstar's fair valuation is only $780 billion; some scholars have gone so far as to say that the stock's actual value is only between $10 and $30. Meanwhile, SpaceX continues to operate at a loss—with a net loss of nearly $5 billion in 2025.
The $2 trillion is not buying current profitability, but whether Musk can deliver on his entire set of promises, from satellite internet to interstellar colonization. Reclaiming this mark is easy; truly holding it will require Starship to successfully ignite time and again.$SPCX