The "Dean of Valuation" Thinks SpaceX Is Worth 28% Less Than Its $1.8 Trillion IPO Price. Here's Why.

Valuation expert Aswath Damodaran estimates SpaceX's intrinsic value at $1.3 trillion, approximately 28% below its planned $1.8 trillion IPO price. While acknowledging SpaceX's strong fundamentals in rocket launches and Starlink, Damodaran argues the IPO valuation embeds overly optimistic assumptions about AI market size and profit margins, with the company still cash-flow negative and heavily investing in capital expenditures.