SpaceX (SPCX): Can Its Business Justify Its Ludicrous Valuation?

Space Exploration Technologies Corp. (NASDAQ:SPCX) is not an easy company to value. It started as a rocket company, built a satellite-internet business that now reaches millions of customers, and is increasingly moving into artificial intelligence. Investors are now being asked to put a value on all three. That value is enormous. SpaceX is worth roughly $2 trillion, compared with $18.67 billion in revenue last year. Wall Street expects revenue to reach about $78.3 billion over the next 12 months. The numbers look almost absurd at first glance. But SpaceX is no longer simply a rocket company. Its business spans space launches, Starlink's connectivity business, and AI infrastructure.