SpaceX (SPCX) looks expensive on the surface, though CEO Elon Musk has said the company could be worth more than the Earth's economy. Bulls point to Musk's projections of $1 trillion in revenue by 2030 and $3.5 trillion by 2033, well above consensus of $427.1 billion and $1.54 trillion, driven by AI infrastructure, a close Nvidia relationship, a valuation above $2 trillion that eases fundraising, and growth from Starlink and the U.S. mobile market worth over $350 billion. Bears note that revenue was only $18.7 billion last year and consensus for this year is $45.4 billion, while heavy capex could add debt and share count that weigh on value. The article says the stock trades at 49 times forward sales this year and 19 times next year, and cautions that Musk's timelines have often been many years off.
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