此次合并旨在使 SpaceX 超越 OpenAI 和 Anthropic 等竞争对手，后者今年已在私募市场累计募集了 $175bn（1,750 亿美元）。为了支持其规划的太空 AI 数据中心，SpaceX 必须急剧扩大其发射能力。尽管该公司去年向轨道发射了约 2,200公吨 (2,200 metric tons)，但 Elon Musk 估计，它每年必须发射 1,000,000公吨 (1mn tons) 才能在轨道数据中心市场中保持竞争力。
尽管有这些天文数字般的预测，SpaceX 目前的财务指标与科技巨头相比仍显逊色。去年，SpaceX 和 Tesla 的合并营运现金流为 $21.5bn（215 亿美元），仅比前一年略有增加。相比之下，竞争对手 Alphabet 仅在同一年内就将其营运现金流增加了近 $40bn（400 亿美元）。这一差距突显了该公司依赖 Elon Musk 的神话塑造和对科技的长期投注，来维持这些估值，而非依靠即时的现金流。
SpaceX's IPO aims for a valuation of $1.78tn, potentially ranking it as the seventh most valuable company globally. This gargantuan valuation is heavily driven by its recent February merger with xAI, making artificial intelligence its primary focus. During the first quarter, xAI accounted for over 75% (three quarters) of SpaceX's capital spending, and approximately 93% of the company's addressable markets are now estimated to revolve around AI. This pivot shifts SpaceX's core mission from multi-planetary colonization to a dominant AI play.
The merger aims to position SpaceX ahead of competitors like OpenAI and Anthropic, which have collectively raised $175bn in private markets this year. To support its planned space-based AI data centers, SpaceX must dramatically scale its launch capacity. Although the company launched approximately 2,200 metric tons into orbit last year, Elon Musk estimates that it must launch 1,000,000 metric tons (1mn tons) annually to remain competitive in the orbital data center market.
Despite these astronomical projections, SpaceX's current financial metrics are more modest compared to tech giants. Last year, the combined operating cash flow for SpaceX and Tesla was $21.5bn, representing only a minor year-over-year increase. In comparison, competitor Alphabet grew its operating cash flow by nearly $40bn within the same single year. This discrepancy highlights the reliance on Elon Musk's mythmaking and long-term tech bets to sustain these valuations over immediate cash flow.