By Mia Osmonbekov
Publication Date: 2026-06-15 19:58:00
SpaceX’s $1.77 trillion IPO was historic by any measure. Whether it was justified is another question.
Keith Snyder, a senior equity analyst at the Center for Financial Research and Analysis, says he can only reach SpaceX’s current $2 trillion market cap if he takes into account the “almost comical growth for AI” – and still hasn’t reached it. His estimate: xAI accounts for 71% of SpaceX’s valuation. “I hope most investors don’t give this number any weight,” he said of the S1’s AI forecasts.
To be sure, some of SpaceX’s rocket and satellite business is profitable and dominant – Starlink counts millions of paying subscribers worldwide, and bulls argue that xAI is in its early stages Grok’s integration into SpaceX did not respond to Fortune’s request for comment.
The S1 gave investors something to dream about: SpaceX claimed 93% of its total addressable…
