Roth Capital's Rohit Kulkarni on SpaceX valuation: Biggest question is how does Starlink scale

Summary

Rohit Kulkarni from Roth Capital discusses SpaceX's business model and upcoming IPO, breaking it into four layers: Starlink, Falcon 9, xAI, and Starship. He highlights that the biggest investor question is how Starlink scales from consumer to enterprise connectivity. Kulkarni compares SpaceX's potential valuation to other high-multiple space, defense, and AI infrastructure companies, calling it a once-in-a-generation opportunity.

• SpaceX consists of four business layers: Starlink, Falcon 9, xAI, and Starship.
• Starlink and Falcon 9 generate revenue; xAI and Starship are cash consumers.
• The key valuation question is how Starlink scales beyond consumer to enterprise.
• Kulkarni cites comparable companies trading at 40-150x sales.
• SpaceX is described as a once-in-a-generation company with long-term potential.
• The IPO is reportedly preparing an S-1 filing soon.