SpaceX以135美元定价登陆纳斯达克，1.77万亿估值背后是市场对“太空+AI”垂直整合叙事的极致定价。晨星与Damodaran等机构给出的公允价值仅在7800亿至1.3万亿美元区间，与IPO定价存在55%以上的鸿沟，分歧核心在于SpaceX应被视为太空基础设施公司还是AI驱动的科技巨头。

Recent analysis generally points out that its 52 times sales ratio is far higher than large tech companies but lower than some pure space peers. This valuation confusion reflects that investors are still classifying its business attributes — whether it’s the cash flow from Starlink’s telecommunications, the infrastructure of rocket launches, or the model potential after merging with xAI dominating the pricing.
最关键的细节在于韦德布什证券给出的“与Tesla在2027年合并的概率高达80%以上”。这暗示了马斯克旗下资产的资本棋局远未结束，SpaceX上市可能并非终点，而是为更复杂的生态整合与资本运作提供高流动性筹码。