By Trefis Team
Publication Date: 2026-05-19 13:27:00
Alphabet (GOOG) and SpaceX are both infrastructure companies. One monetizes the digital infrastructure the world already depends on. The other is trying to build the infrastructure the world may depend on next.
Alphabet generates more than $400 billion in annual revenue and roughly $130 billion in annual net income. The stock trades at about 22x trailing EBITDA. (valuation metrics for Alphabet) More importantly, it already sits at the center of the modern internet, controlling massive consumer traffic, global computing infrastructure, and some of the most deeply embedded digital platforms in daily life.
SpaceX, reportedly targeting a $1.75 trillion Nasdaq listing, generated an estimated $15.5 billion in revenue and $8 billion in EBITDA over the last year, driven primarily by Starlink. [1] At that valuation, the company would trade at over 200x trailing EBITDA.
And yet the market values the two companies only about 2.5x…
