SpaceX's Expected Moonshot Valuation -- WSJ

Dow Jones05-21 05:22

By Rolfe Winkler

SpaceX, which is expected to target a valuation of more than $1.5 trillion at IPO, has a financial picture that is notably worse than any other mega-cap U.S. company. Its sales were $18.7 billion in 2025, and it lost $4.9 billion. Meta, valued in the same range SpaceX is targeting, had sales 11 times that last year and profits of $60 billion. As a group, the top 15 U.S. companies are valued at roughly seven times sales. SpaceX, if ultimately valued at $1.5 trillion, would be valued at 80 times sales.

The other mega-cap company with an outsized valuation is Musk's Tesla. Thanks to massive investments in AI, humanoid robot production and its robotaxi service, Tesla had tiny profits in 2025 and trades at nearly 400 times trailing earnings. Both SpaceX and Tesla investors would be making the same bet: that Musk can be trusted to create huge value down the line from his big investments today.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 20, 2026 17:22 ET (21:22 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 20, 2026 17:22 ET (21:22 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SpaceX's Expected Moonshot Valuation -- WSJ</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpaceX's Expected Moonshot Valuation -- WSJ\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-05-21 05:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n       By Rolfe Winkler \n</p>\n<p>\n     SpaceX, which is expected to target a valuation of more than $1.5 trillion at IPO, has a financial picture that is notably worse than any other mega-cap U.S. company. Its sales were $18.7 billion in 2025, and it lost $4.9 billion. <a href=\"https://laohu8.com/S/META\">Meta</a>, valued in the same range SpaceX is targeting, had sales 11 times that last year and profits of $60 billion. As a group, the top 15 U.S. companies are valued at roughly seven times sales. SpaceX, if ultimately valued at $1.5 trillion, would be valued at 80 times sales. \n</p>\n<p>\n     The other mega-cap company with an outsized valuation is Musk's <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>. Thanks to massive investments in AI, humanoid robot production and its robotaxi service, Tesla had tiny profits in 2025 and trades at nearly 400 times trailing earnings. Both SpaceX and Tesla investors would be making the same bet: that Musk can be trusted to create huge value down the line from his big investments today. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 20, 2026 17:22 ET (21:22 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMZN","symbol_name":"亚马逊","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2637763708","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2637763708","pubTimestamp":1779312120,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"SpaceX, which is expected to target a valuation of more than $1.5 trillion at IPO, has a financial picture that is notably worse than any other mega-cap U.S. company. 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Its sales were $18.7 billion in 2025, and it lost $4.9 billion. Meta, valued in the same range SpaceX is targeting, had sales 11 times that last year and profits of $60 billion. As a group, the top 15 U.S. companies are valued at roughly seven times sales. SpaceX, if ultimately valued at $1.5 trillion, would be valued at 80 times sales. \n\n\n     The other mega-cap company with an outsized valuation is Musk's Tesla. Thanks to massive investments in AI, humanoid robot production and its robotaxi service, Tesla had tiny profits in 2025 and trades at nearly 400 times trailing earnings. Both SpaceX and Tesla investors would be making the same bet: that Musk can be trusted to create huge value down the line from his big investments today. \n\n\n       This item is part of a Wall Street Journal live coverage event. 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