🌃⏳ Why SpaceX’s sky-high valuation is a castle built on sand

Elon Musk’s reported plan for a $1.75-$1.8T IPO for his aerospace, satcom and AI baby is the biggest in history, promising to shatter all previous records and turn the businessman into the world’s first trillionaire.

There’s just a few tiny problems:

♦️ Figures crunched by Fortune suggest SpaceX would have to grow 600 TIMES over the next decade to justify this kind of valuation. That means a consistent 50% revenue bump each year for ten years – to $718B by 2034 and $1.1T by 2035.

♦️ In 2025, the company actually lost money ($4.9B net), despite revenues of $18.7B. xAI reported a $2.5B loss in Q1 2026.

♦️ For comparison, Nvidia, the fastest grower of 2024-2025 thanks to AI data centers’ unquenchable thirst for raw GPU power, added ‘just’ $85B in sales – a quarter of what SpaceX would need. The $360B projection for SpaceX 2035 is also equivalent to the total bump enjoyed by Amazon since the plandemic.

♦️ Musk’s OCP/Tyrell Corp dreams would require SpaceX to become “a pillar of the US economy equal to over half the size of whole major industries harboring dozens of Fortune 500 members,” and generating the equivalent of ~2.5% of the entire national income.

♦️ His fortunes are also intrinsically tied to the state and military-industrial complex. If they go belly up and America goes bankrupt, for example, SpaceX would sink along with them.

♦️ Same goes for the AI obsession. If it really is just a massive, expensive, energy and resource-consuming bubble, SpaceX’s xAI division will be in serious trouble.

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