Breaking Down SpaceX's $1.75 Trillion Valuation

• At $1.75 trillion, SpaceX would trade at 56 times revenue and 109 times EBITDA (assuming doubled 2026 figures), far exceeding Tesla's 12x revenue and Palantir's 43x revenue multiples
• SpaceX posted $15-16 billion in revenue and $8 billion in EBITDA profit in 2025, with Starlink's 10+ million subscribers underpinning the majority of income
• The company launches a rocket nearly every two days and merged with Musk's xAI (valued at $250 billion) in February, but unproven bets like Starship and data-center satellites add valuation risk

SpaceX IPO Summary: $1.75 Trillion Valuation Analysis

Key Valuation Metrics:

SpaceX is pursuing a $1.75 trillion valuation in its forthcoming IPO, potentially raising $75 billion or more—a record amount. At this valuation, SpaceX would become the sixth-largest U.S.-listed company, surpassing Meta Platforms and Berkshire Hathaway.

Financial Performance:

In 2025, SpaceX reported approximately $15-16 billion in revenue and $8 billion in EBITDA profit. Revenue growth has ranged from 51% (2024) to 100% (2021). Assuming revenue doubles in 2026, the company would trade at a price-to-revenue multiple of 56x and price-to-EBITDA multiple of 109x—significantly higher than Tesla's 12x revenue and 79x EBITDA multiples.

Business Segments:

Starlink, SpaceX's profitable satellite internet service with over 10 million subscribers, generates 50-80% of company revenue and underpins the valuation. The company launches rockets nearly every two days, faster than any competitor. Other ventures include the delayed Starship program for Moon/Mars missions and plans for up to one million data-center satellites linked to its money-losing xAI unit.

Market Context:

SpaceX merged with Musk's xAI (valued at $250 billion) in February 2026, when SpaceX was valued at $1 trillion. The combined entity currently trades at $1.54 trillion on Nasdaq Private Market. Analysts note SpaceX lacks comparable publicly traded peers, making traditional valuation metrics difficult to apply.

Investment Perspective:

Portfolio managers cite Musk's track record and Starlink's proven profitability as justification, while viewing Starship and xAI as future optionality. However, analysts warn the stretched multiples require strict monitoring of Starship's timeline and Starlink's direct-to-cellphone service expansion.