The AI division is the biggest question mark. Losing billions with huge CapEx is risky, but Musk is clearly betting on combining X, Grok, Starlink, and orbital infrastructure into one ecosystem. Whether that deserves a large part of the $1.8T valuation is what investors need to decide.
I think today’s valuation is mostly pricing Starlink, while Starship and AI are the long-term upside. If both execute well, SpaceX could become the satellite-era version of Amazon. The IPO also feels more like a funding round for future expansion rather than a rescue for the core business.
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