SpaceX IPO — Valuation, Comparables & Market Implications (December 2025)

EXECUTIVE SUMMARY
SpaceX represents a category-defining IPO that cannot be valued using traditional aerospace, telecom, or technology frameworks in isolation. The company combines launch dominance, global satellite broadband, and strategic infrastructure optionality into a single vertically integrated platform.

PUBLIC MARKET COMPARABLES (IPO’D COMPANIES ONLY)
There is no true peer. Investors triangulate SpaceX using multiple comp sets:
- Launch Services: Rocket Lab, Defense Primes (4–8x EV/Revenue)
- Satellite Broadband: Viasat, EchoStar, Iridium (1–5x EV/Revenue)
- Infrastructure Logic: Amazon (AWS), Tesla (5–10x EV/Revenue)

WHY SPACEX BREAKS TRADITIONAL VALUATION MODELS
Aerospace models understate value due to cost-plus pricing.
Telecom models miss Starlink’s growth curve.
Tech models ignore SpaceX’s physical and regulatory moat.

REQUIRED FRAMEWORK: SUM-OF-THE-PARTS (SOTP)
- Launch & Space Systems: Aerospace-adjusted valuation
- Starlink Broadband: Growth-weighted revenue multiple
- Strategic Optionality: Defense, AI, deep-space infrastructure premium

IPO MARKET IMPLICATIONS
Allocation scarcity, index concentration, debut volatility, and founder governance premiums are expected.

K-CO FINANCE PERSPECTIVE
SpaceX is vertically integrated global infrastructure with platform economics.

DISCLOSURE
This material is for educational purposes only and does not constitute investment advice.