BIT Investment Research: SpaceX Races Toward a Trillion-Dollar Valuation, the Market is Repricing the "AI + Space Infrastructure" Narrative

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

The market's 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. This includes about $26.5 trillion for the AI-related market, $1.6 trillion for the global connectivity network, while traditional space business accounts for only about $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, representing a 50% year-over-year increase, with an EBITDA margin of 63%. However, ARPU has dropped from $99 to $66, reflecting the rebalancing pressure between growth and profitability structure.

In the long term, market bets remain centered on the expansion of the space economy. It is projected that the global space economy will grow from $630 billion in 2023 to $1.8 trillion by 2033. The integration of satellite networks, orbital data, and AI computing infrastructure is seen as the primary growth driver. Currently, SpaceX's valuation already heavily discounts future expectations. In the short term, attention must be paid to valuation and liquidity constraints. However, in the medium to long term, the narrative of "AI + Space + Communication Infrastructure" integration it represents may still become one of the core themes of the new technology capital market.