SpaceX Could Be Worth More Than Tesla the Moment It Goes Public. Here's Why.

Key Points:

• SpaceX has filed for an initial public offering (IPO) with a targeted valuation between $1.75 trillion and $2 trillion, potentially surpassing Tesla's market cap of about $1.65 trillion on its Nasdaq debut expected around June 12.
• The company's financial strength primarily comes from its Starlink satellite internet segment, which generated $11.4 billion in revenue in 2025, with 10.3 million subscribers worldwide and significant growth in operating income and EBITDA.
• Despite a net loss of $4.9 billion in 2025, much of this is attributed to SpaceX's AI segment, including the xAI merger, which lost $6.4 billion last year; the company plans to deploy AI compute satellites by 2028.
• Tesla, in contrast, is experiencing a revenue decline for the first time as a public company in 2025, with mixed first-quarter 2026 results and increased capital expenditures focused on future AI and vehicle projects.
• The market is being asked to value SpaceX today based on its booming satellite business and speculative AI ventures, similar to the high valuation Tesla holds despite its current business challenges and future-focused investments.