
FCC filing for 1M AI satellites and the xAI merger signal space data centers will power Starship demand.
Series recap: Part 1 deconstructed SpaceX’s engineering economics — how Falcon 9’s reusability revolution compressed launch costs from $13,200/kg to $2,700/kg (external pricing), and how Starship’s fully reusable architecture targets a further two orders of magnitude reduction to $25-50/kg. Part 2 completed the Starlink commercial empire breakdown, arriving at a SOTP Base Case valuation anchor of $992B.
But $992B represents only the quantifiable value — grounded in confirmed cash flows and reasonable growth assumptions from existing businesses. The market’s $1.75T IPO pricing embeds ~$758B in option premium that cannot be explained by current operations. This $758B is essentially paying for one question: when Starship mass production drives orbit-insertion costs to $50/kg, what impossibilities become inevitabilities?
Part 3 focuses on the two most valuation-significant directions within this question:
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