BIT Research: SpaceX Soars Toward Trillion-Dollar Valuation, Market Repricing the "AI + Space Infrastructure" Narrative

Odaily Planet Daily News, BIT writes that the market is repricing around SpaceX's potentially largest-ever IPO, with a target valuation of approximately $1.75 trillion. However, expectations in the secondary market have already been revised upwards to around $2.3 trillion, corresponding to a premium of about 34% on the Pre-IPO contracts traded on Binance and Hyperliquid.

Market pricing logic has shifted from a "rocket company" to an "AI + Global Connectivity + Space Infrastructure Platform." As SpaceX integrates into the xAI asset system, its total addressable market (TAM) has expanded to approximately $28.5 trillion. Of this, the AI-related market accounts for about $26.5 trillion, global connectivity networks for roughly $1.6 trillion, and traditional space business only around $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, up 50% year-over-year, with an EBITDA margin of 63%. However, ARPU has declined from $99 to $66, reflecting the rebalancing pressure between growth and profitability structure.

In the long term, the core of the market bet remains the expansion of the space economy. The global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2033, with the integration of satellite networks, orbital data, and AI computing infrastructure seen as key growth drivers. SpaceX's current valuation has already heavily discounted future expectations. In the short term, attention must be paid to valuation and liquidity constraints; but in the medium to long term, the "AI + Space + Communication Infrastructure" integration narrative it represents could still become one of the core themes of the next wave of technology capital markets.