Think SpaceX's IPO Is Too Expensive? 2 Recent Developments Could Change That

SpaceX's IPO initially appears expensive at 95x sales based on 2025 revenue, but two major deals change the valuation picture. Anthropic agreed to pay $1.25 billion monthly and Alphabet agreed to pay $920 million monthly for GPU compute access, adding $26 billion in annual revenue. This reduces the forward valuation to approximately 35x sales for 2026, making the IPO more attractive, though the investment thesis still relies heavily on nascent revenue streams.