Is SpaceX worth $1.75 trillion?

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1
SpaceX identifies a Total Addressable Market (TAM) of $28.5 trillion, with $26.5 trillion attributed specifically to xAI. — The sheer scale of this claim, representing ~26% of global GDP, creates massive speculative volatility and valuation tension for a potential IPO.
+0.60
2
SpaceX has integrated xAI into its business model, operating across three core segments: Connectivity, Launch, and AI. — The pivot toward AI as a primary value driver shifts the investment thesis from a traditional aerospace play to a high-growth tech play.
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3
SpaceX generated $18.7 billion in total revenue last year. — Provides a concrete fundamental baseline to contrast against the company's aspirational trillion-dollar valuation claims.
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What matters in this story