Good morning. SpaceX and Amazon have become structural look-alikes, increasingly competing for the same profit pools in cloud computing, AI infrastructure, and satellite connectivity.
Amazon, founded by Jeff Bezos, and SpaceX, founded by Elon Musk, now command a combined market value of roughly $4.5 trillion. In a new Fortune report, my colleague Amanda Gerut examines why investors appear willing to assign Amazon-like valuation multiples to a company generating only a few percent of Amazon’s revenue while still reporting operating losses.
The comparison raises important questions about capital discipline, risk pricing, and the durability of today’s “AI and infrastructure” valuation premium.
