Key Points
Space Exploration Technologies (SpaceX) began trading publicly on June 30, 2026, with a market value of approximately $2.25 trillion, making it the seventh-most valuable company globally. Despite this valuation, SpaceX reported total revenue of just $18.7 billion in 2025, significantly lower than peers like Alphabet, Microsoft, and Apple.
The company’s revenue comprises $4 billion from launch services, $11.4 billion from its Starlink satellite internet, and $3.2 billion from AI services. Starlink revenue has shown a year-over-year growth of 50%, while AI services are expected to grow rapidly with new contracts totaling $27.8 billion in future revenue. However, SpaceX faces intense competition in both satellite internet and AI, undermining its ability to maintain its market position.
SpaceX’s current market cap leads to a price-to-sales ratio above 100, suggesting that the stock may be overvalued, as it relies on achieving significant future growth in elusive markets within the next decade.
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