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

Odaily Planet Daily News BIT notes that the market is repricing around SpaceX's potential largest-ever IPO, with its target valuation estimated at approximately $1.75 trillion. However, secondary market expectations have further revised this upward to about $2.3 trillion, corresponding to a premium of roughly 34% on 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.” Following the integration of SpaceX 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 approximately $1.6 trillion, while traditional space business represents only around $400 billion. In 2025, the core business Starlink generated revenue of $11.4 billion, up 50% year-on-year, with an EBITDA margin of 63%. However, ARPU has declined from $99 to $66, reflecting the balancing pressure between growth and profitability structure.

In the long term, the market's core bet remains on 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 already heavily prices in future expectations; in the short term, attention needs to be paid to valuation and liquidity constraints. However, over the medium to long term, the convergence narrative of “AI + space + communication infrastructure” it represents could still become one of the core themes of the next tech capital market cycle.