SpaceX has become the newest member of the exclusive $2 trillion market-cap club, but its valuation far outstrips its mega-cap peers. The company went public on Friday and by Monday's close had surged 28% from its opening price of $150, reaching a market capitalization of $2.5 trillion. That gives SpaceX a price-to-sales ratio of 129.5 based on $19.3 billion in trailing revenue, compared to an average of 11.8 for the other six companies in the club—Nvidia, Alphabet, Apple, Microsoft, Amazon, and Taiwan Semiconductor Manufacturing. Even if SpaceX triples its revenue to $64.5 billion by 2027 as Wall Street forecasts, its forward price-to-sales ratio would still be 38.7, leaving it materially more expensive than its peers. The company operates across space transportation, satellite internet via Starlink, and artificial intelligence infrastructure, with a total addressable market it estimates at $28.5 trillion.
Apple Inc.
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