Elon Musk has pitched a near $1.75 trillion valuation for SpaceX in a mid-June initial public offering, valuing the company at about 95 times its $18.5 billion in 2025 sales. This multiple starkly contrasts with Apple at roughly 11 times revenue and Nvidia at 25 times, underscoring the ambitious pricing.

Supporters point to Starlink as the chief revenue and profit driver, with its satellite internet service expanding globally. They argue that SpaceX’s control of orbital launch infrastructure positions it to capitalize on a decades-long boom in space-based data centers, satellite replacements and related services potentially worth hundreds of billions.

Doubters warn that the proposed valuation relies on lofty long-term projections rather than current cash flows, especially after SpaceX absorbed xAI earlier this year. Industry analysts question whether AI ventures with minimal revenue justify sky-high multiples, while some call for greater transparency on profitability and growth assumptions.