Research · Valuation
What is SPCX actually worth?
A rocket company, a telecom and an AI infrastructure platform share one ticker. We value each on its own terms, add them up, and compare against the price the market is paying today.
Sum-of-parts
Segment-by-segment build
Starlink
$210B · 53%
9× FY27E revenue of $23.3B
AI1 / Orbital Data Centres
$95B · 24%
Optionality-weighted DCF on 200 MW by 2030
Launch Services
$48B · 12%
11× FY27E EBITDA of $4.4B
Starship, Mars & other
$47B · 12%
Probability-weighted program NPV
Total enterprise value
$400B
Implied per share (1.85B sh)
$216
Current price
$212.48
Relative value
Which comp set does it deserve?
Priced like a defence prime, SPCX is expensive. Priced like AI infrastructure, it's in the pack. The multiple debate is the trade.
| Name / group | Metric | Multiple | Lens |
|---|---|---|---|
| SPCX | EV / FY27E Sales | 10.2× | Space + AI infra |
| Mega-cap AI infra avg | EV / FY27E Sales | 8.6× | Hyperscalers |
| Defence primes avg | EV / FY27E Sales | 2.4× | Launch peers |
| Satcom legacy avg | EV / FY27E Sales | 1.7× | Starlink peers |
Shareable brief
Get the full valuation PDF
The complete model — DCF assumptions, sensitivity tables and segment detail — ships to the alert list ahead of each earnings print.