SpaceX could become the first $10 trillion company, says early investor Peter Diamandis

Summary

Peter Diamandis, early SpaceX investor, argues that SpaceX could become the first $10 trillion company, driven by its Starlink global communications and AI hyperscaler businesses. He says the market does not yet understand how to value this diversified vertical. The discussion follows SpaceX’s first post-IPO earnings, where it beat estimates but the stock fell on high capex.

• SpaceX reported its first earnings as a public company with beats on top and bottom line, but the stock dropped on $18.4B capex.
• Elon Musk projected $1 trillion in revenue by 2030, possibly as early as 2029.
• Peter Diamandis believes SpaceX has potential to be the first $10 trillion company.
• He breaks SpaceX into four businesses, led by Starlink global communications and an AI hyperscaler infrastructure unit.
• Starlink’s direct-to-cell service targets a $600B revenue opportunity.
• The AI business has $28B in signed annualized revenue and plans 10+ gigawatts of compute.
• SpaceX plans to launch AI satellites with NVIDIA by 2027, faster than expected.
• Diamandis asserts the market is undervaluing SpaceX by not treating it as a diversified infrastructure portfolio.