Is SpaceX Worth $1.75 Trillion or More?—A Value Investing Perspective

In its 2026 initial public offering, SpaceX sought a market “valuation” of up to $1.75 trillion and ultimately achieved a market capitalization of approximately $1.77 trillion. Strong investor demand subsequently pushed its market capitalization above $2 trillion before a sharp correction, after which the share price remained highly volatile. This raises the question of whether SpaceX is intrinsically worth $1.75 trillion or even more. The case illustrates the broader challenge of valuing New Space companies, where technological uncertainty and substantial future growth opportunities make conventional valuation approaches difficult to apply. However, valuing New Space companies does not require reinventing the wheel. Rather, established valuation methods must be carefully selected and adapted to distinguish intrinsic value from market expectations and speculative narratives. Using SpaceX as a case study, this article develops a value investing framework for the valuation of New Space companies.