SpaceX Is Now Bigger Than Amazon and Closing in on Microsoft. Here's How to Think About the Valuation.

SpaceX has become the fifth-largest company by market cap at $2.82 trillion following its IPO, surpassing Amazon and approaching Microsoft. The company's valuation is heavily driven by its AI division, which includes Grok, xAI, and planned orbital data centers. While Goldman Sachs projects 100-fold revenue growth by 2030, Morningstar assigns only a 7% probability to the company sustaining its current valuation, citing ambitious but unproven promises around orbital data centers and enterprise AI applications.