SpaceX Launches Starfall Capsule and Faces $3 Trillion Valuation Doubts
SPCX•SpaceX launched Starfall, a 3-meter reentry capsule carrying up to one ton of cargo for military logistics and future microgravity manufacturing, and plans orbital solar-powered AI data centers by 2028. Investor Michael Burry questioned SpaceX's near-$3 trillion valuation and noted December 2028 $100-strike puts trading around $25.
1. Starfall Demo Mission
SpaceX launched the Starfall demo mission featuring a 3-meter reentry capsule capable of carrying up to one ton of cargo. The system aims to establish orbital supply depots for military logistics and enable microgravity manufacturing of pharmaceuticals and advanced materials not feasible on Earth.
2. Orbital AI Data Centers
The company plans to deploy solar-powered AI data centers in sun-synchronous orbit by 2028, using laser interconnects for high-speed links and natural cooling from the vacuum of space. This architecture could cut power and cooling costs significantly compared to terrestrial data centers.
3. Valuation Concerns by Michael Burry
Investor Michael Burry publicly challenged SpaceX's near-$3 trillion market valuation, noting the company generates less than $20 billion in annual revenue. He highlighted put options with a $100 strike expiring December 2028 trading around $25, reflecting market skepticism about long-term upside.
4. Execution and Valuation Risks
With a valuation exceeding 100 times trailing revenue, SpaceX faces execution risks across multiple unproven ventures, from point-to-point Earth transport to asteroid mining. Successful deployment of these projects is critical to justify its premium valuation and absorb potential missteps.
