Three Moonshots: How SpaceX Justifies Its $1.8 Trillion IPO Valuation

SpaceX's IPO bets heavily on orbital data centers as a unified AI infrastructure business, requiring three near-impossible engineering feats: reusable rockets, an American chip foundry, and rapid satellite production. Analysts value the company significantly lower—between $825 billion and $1.2 trillion—than its bankers' $1.8 trillion assessment, with the gap reflecting uncertainty around SpaceX's ability to execute its ambitious AI infrastructure vision.