SpaceX’s $1.77 trillion IPO was, by any measure, historic. Whether it was justified is a different question.
Keith Snyder, a senior equity analyst at the Center for Financial Research and Analysis (CFRA), says he can only match SpaceX’s current $2 trillion market cap by factoring in “almost comical growth for AI”—and still falling short. His estimate: xAI accounts for 71% of SpaceX’s valuation. “I hope most investors did not give that number weight,” he said of the S-1’s AI projections.
