How Much Is SpaceX Really Worth? (Hint: It's Probably a Lot Less Than You Think!)

But that terms means the institution and its CEO, Elon Musk, are valuing SpaceX astatine a whopping $1.75 trillion. Isn't that a spot overoptimistic? What is SpaceX actually worthy arsenic a company, anyway?

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SpaceX is asking a premium terms

A $1.77 trillion valuation would marque SpaceX the eighth-largest institution successful the satellite by marketplace cap, conscionable supra Saudi Aramco's $1.75 trillion and Meta Platforms' (NASDAQ: META) $1.5 trillion, but conscionable beneath Broadcom's (NASDAQ: AVGO) $1.8 trillion.

One of the astir communal methods to measure the worth of an unprofitable institution similar SpaceX is the price-to-sales (P/S) ratio, which compares the company's marketplace capitalization to its yearly gross (with a little aggregate being better).

SpaceX's $1.77 trillion valuation gives it an eye-popping P/S ratio of 93.7 times its 2025 revenue. By comparison, tech titan Nvidia (NASDAQ: NVDA) lone trades astatine 23.2 times its anterior fiscal year's revenue, and astir artificial quality (AI) companies commercialized astatine adjacent little valuations. Even notoriously pricey AI information institution Palantir Technologies (NASDAQ: PLTR) has a P/S ratio of "only" 77.7 times past year's sales.

It's not uncommon for a high-growth institution to person highly precocious valuation metrics, but SpaceX is acold from "high-growth" astatine present.

SpaceX's concern segments person what immoderate would telephone subpar maturation

SpaceX's first-quarter 2026 year-over-year gross maturation complaint was an unimpressive 12.5%. By comparison, Nvidia and Palantir each grew their Q1 gross by 85% twelvemonth implicit year. But what astir SpaceX's prospects for aboriginal growth?

The institution claims it has a full addressable marketplace (TAM) of $28.5 trillion. Taking conscionable a 1% stock of specified a ample marketplace would effect successful $285 cardinal successful yearly revenue, a immense betterment from the $18.7 cardinal SpaceX brought successful past year.

The immense bulk of that claimed TAM -- $22.7 trillion of the $28.5 trillion -- is the marketplace for "AI endeavor applications." Right now, neither SpaceX nor its precocious purchased xAI is simply a important subordinate successful that category. SpaceX's lone stated strategy to code said marketplace is "serving the integer needs of the world's largest industries with AI solutions."