On one side massive losses, on the other side divine-like success: Why is SpaceX worth $2.1 trillion?

▤ Summary

This article examines why SpaceX is valued at $210 billion despite ongoing losses. It argues that Starlink has already become a meaningful revenue engine and that reusable rockets have changed the economics of launch services. It also highlights SpaceX's deep infrastructure advantages across rockets, satellites, and communications, along with its long-term AI and orbital compute ambitions. The piece concludes that the market is pricing in multiple future growth curves, not just current earnings. The valuation reflects confidence in a broader platform business, but it also assumes SpaceX will execute on several still-unproven bets.

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