SpaceX, Cursor, and Reflection AI: The New AI Empire Wall Street Isn't Modeling Yet

SpaceX is rapidly expanding its neocloud business through major data center deals with tech giants like Anthropic, Google, and Reflection AI, generating an estimated $26 billion annual revenue run rate. However, the stock trades at a steep 103x price-to-sales ratio with heavy capital expenditures, presenting significant valuation risks despite the promising AI infrastructure opportunity.