SpaceX's $2T valuation may price in orbital data centers that remain a distant vision. Its operating business is essentially a scaled neocloud and internet provider, raising the question of whether current operations justify that valuation. x.com 

SpaceX's addressable market cannot expand without limit because global income bounds customer spending. Even after a roughly $2B revenue beat, its $2T valuation is 17x revenue even if the annualized figure is doubled. x.com 

SpaceX's projected growth is challenging the earlier overvaluation case, though the reassessment is still in progress. A VJN.ai chart projects revenue 273.3% higher by Q4 2027, even as the company is valued at $2 trillion. x.com  x.com 

SpaceX's revenue ambitions look implausible against current sales and the risk of overbuilding chips. Revenue is $14 billion this quarter, and even the Street's $120 billion forecast for next year looks aggressive. Its costs are within its control, leaving the risk heavily skewed against investors. x.com 

SpaceX's earnings are nothing phenomenal against its $2 trillion valuation. Its P/E is 2,000 and P/S is 170, with $4.4 billion in profits after losing that much in Q1 2026; another $2 trillion company makes $50-60 billion in net profit. x.com 

SpaceX's blowout earnings make its somewhat lofty valuation deserved. Elon Musk said it could exit 2027 at $500 billion to $1 trillion in annual recurring revenue, an ambitious forecast that looks achievable for SpaceX. x.com  x.com 

SpaceX's capital-intensive super-intelligence business makes its $2 trillion valuation hard to justify. At a reported 6% SI margin, even doubling that margin would require roughly $1 trillion in annual revenue to make the math work, about 18 times current quarterly revenue annualized. The extraordinary outcome is already priced in. x.com  x.com  x.com  x.com  x.com  x.com 

SpaceX's 10 GW compute target demands enormous capital spending. It alone would have to reach $500B in capex to meet the goal. x.com 

SpaceX will be a $10 trillion company, so a roughly $2 trillion entry is not particularly expensive given where it will be in the 2030s. Per @ZaStocks, it just launched Google's TPUs into space, validating space data centers, and flew three missions in under 13 hours while landing four boosters, both firsts. x.com  x.com 

SpaceX's shrinking cash balance points to another capital raise in Q4 2026 at this rate. Cash and equivalents fell from about $100B to $51.3B quarter on quarter, 43.76% below Wall Street's $91.2B estimate. That weakens the case for SpaceX buying Tesla, an auto maker trading at 235x 2026 earnings. x.com  x.com  x.com  x.com