#314: Can SpaceX Really Be Worth $2 Trillion?

#314: Can SpaceX Really Be Worth $2 Trillion?

From Stock Club by MyWallSt

June 4, 2026 · 44 min · Episode 314

About this episode

The episode discusses the potential valuation of SpaceX ahead of its IPO and the financial implications of its business model.

Ahead of its highly anticipated IPO, SpaceX is reportedly targeting a valuation between $1.75 trillion and $2 trillion, numbers that would make it one of the largest public companies in the world from day one. This week, Mike and Emmet ask: does the business justify the hype? In 2025, revenue reached $18.7 billion, up 33% year over year. But the company also posted a net loss of roughly $5 billion, including a staggering $4.3 billion loss in the first quarter of 2026 alone. While SpaceX's established businesses, Starlink and Launch Services, continue to expand, the division attracting the most scrutiny is xAI. Despite contributing just 17% of revenue, xAI generated billions in losses as Elon Musk pours money into competing with the likes of OpenAI and Anthropic. The company has burned through billions on AI infrastructure, but investors are betting today's losses could become tomorrow's dominance. There are also concerns around governance, float, and a potential merger. Musk controls roughly 85% of the company's voting power, giving him near-total control over board appointments, executive pay, and strategic decisions. Meanwhile, only a small percentage of shares will initially…

People in this episode

Hosts: Mike, Emmet

Topics covered

  • SpaceX IPO
  • valuation
  • AI investment
  • financial performance
  • corporate governance
  • market volatility

Keywords

  • SpaceX
  • IPO
  • valuation
  • Elon Musk
  • AI
  • Starlink
  • Launch Services
  • xAI
  • market volatility

Mentioned in this episode

Organizations: SpaceX, OpenAI, Anthropic, Tesla

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