BIT Research: SpaceX Nears Trillion-Dollar Valuation, Market Repricing the 'AI + Space Infrastructure' Narrative

Odaily Planet Daily News, BIT writes that the market is repricing around SpaceX's potential largest-ever IPO, with a target valuation of approximately $1.75 trillion. However, expectations in the secondary market have already been revised upward to about $2.3 trillion, corresponding to a premium of roughly 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'. With SpaceX being integrated into the xAI asset system, its Total Addressable Market (TAM) has been expanded to approximately $28.5 trillion. Within this, the AI-related market accounts for about $26.5 trillion, the global connectivity network around $1.6 trillion, while traditional space business is only about $400 billion. The core business, Starlink, generated $11.4 billion in revenue in 2025, a 50% year-over-year increase, 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 market bets 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 the primary growth driver. SpaceX's current valuation has already heavily discounted future expectations; in the short term, focus must be on valuation and liquidity constraints. However, in the medium to long term, the 'AI + Space + Communications Infrastructure' convergence narrative it represents could still become one of the core themes of the new cycle of tech capital markets.