"The Starlink business alone could be a trillion-dollar market cap. Within two years, within 18 months, let's say," David Friedberg said on the All-In podcast. "That I think funds all of the rest of this as kind of science projects and upside." Friedberg corrected himself from two years down to 18 months mid-sentence, which makes the call more aggressive, not less. When he said it, all of SpaceX (SPCX) — rockets, Starship, the fabs, the AI business, and Starlink together — was worth about $1.4 trillion.
Friedberg also did the arithmetic out loud, which is rarer and more useful than the number itself. “Starlink alone could be generating on the order of $40 billion of revenue top line with a huge amount of that flowing to free cash," he said. "That could be a $30 billion free cash flow within the year […] If you just put a 30X multiple on that, which I think you can because these subscription businesses are very high renewal rate, very low CAC.”
