SpaceX IPO: Don't Buy the Stock Before You Understand the Company's $26.5 Trillion Pivot

SpaceX is going public at a $1.77 trillion valuation on June 12, with AI representing $26.5 trillion of its $28.5 trillion total addressable market. While the company has strong revenue growth of 33% annually, its 94.7x price-to-sales ratio is heavily dependent on successfully expanding into AI infrastructure. Similar to Tesla's pivot away from core EV business, SpaceX's massive AI ambitions will require substantial investment that could pressure profits in the near term.