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TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley, Sonic AI
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TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley
We Study Billionaires
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Jul 12, 2026
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1:17:08
Interview
TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley
From
The Investor's Podcast
The Investor's Podcast
(Host)
•
Shawn O'Malley
(Host)
•
Kyle Grieve
(Guest)
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Executive Summary
SpaceX has gone public in a record-breaking IPO, raising over $85 billion, but its valuation is extremely high at 100 times sales, raising significant concerns for value-oriented investors.
The company is analyzed as three distinct segments: the established and innovative Space launch business, the rapidly growing and profitable Starlink connectivity segment, and a new, highly speculative, and capital-intensive AI segment (including X/Twitter).
The AI segment, through the 'TerraFab' initiative, aims for an unprecedented one terawatt of computing capacity but is currently incurring massive operating losses ($6.3B) and capital expenditures ($12.7B).
Despite acknowledging Elon Musk's track record and the company's technological achievements, the speakers conclude that the current market price is unjustifiable, with their valuation model suggesting a negative compounded annual return.
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