Is SpaceX Really Worth $1.75 Trillion -- or Is That Actually Too Low?

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Some investors question whether SpaceX is truly worthy $1.75 trillion. But could that valuation really beryllium excessively low?

I'll admit close disconnected the bat that SpaceX's financials don't warrant a marketplace headdress of $1.75 trillion. The institution reportedly generated gross of astir $18.5 cardinal past year. This fig puts SpaceX's price-to-sales (P/S) ratio astatine astir 95.

Even fast-growing AI bundle banal Palantir Technologies (NASDAQ: PLTR) is cheaper (though "cheap" isn't a connection often utilized to picture Palantir), with a price-to-sales aggregate of astir 87.5. But SpaceX's existent P/S ratio is little than one-third that of different abstraction banal already trading publicly, AST SpaceMobile (NASDAQ: ASTS).

More importantly, backward-looking valuation metrics are practically useless for stocks with tremendous maturation prospects. I judge that SpaceX unquestionably fits the bill.

The company's planned $1.75 trillion marketplace headdress is mostly based connected the imaginable for its Starlink unit. Starlink is the person successful providing satellite-based net services. It reported implicit 9 cardinal customers successful much than 155 countries and markets astatine the extremity of 2025. But Starlink is increasing truthful rapidly that the fig is irrelevant now. Musk posted connected X (formerly Twitter) connected Feb. 13, 2026, that the concern had much than 10 cardinal customers crossed 160 countries and markets.

I deliberation that Starlink could realistically scope 30 to 50 cardinal subscribers globally. Starlink's residential net services typically scope from $50 to $120 per month. Its concern plans commencement astatine $65 per period but tin scope $2,150 per period for maritime customers. If we presume an mean blended monthly complaint of $100 and 50 cardinal subscribers, Starlink could make yearly gross of $60 billion.