SpaceX's Valuation Rests on Starlink, Not Rockets
Source: Big Technology
SpaceX's astronomical valuation is a bet on Starlink's ability to capture global broadband market share, not on its rocket division—which remains unprofitable and commoditizing. The space infrastructure play (global low-latency connectivity) has unit economics that could justify premium multiples, but only if Starlink executes at scale against terrestrial competition and regulatory headwinds. An IPO would be a connectivity story masquerading as an aerospace one. The gap between what investors think they're buying and where value actually concentrates explains both the valuation's apparent excess and its fragility.