SpaceX’s $1.75 Trillion Valuation Raises Questions Ahead of IPO

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SpaceX is targeting a $1.75 trillion valuation in its anticipated IPO, a figure that would place it among the most valuable companies globally and ahead of firms like Meta Platforms and Berkshire Hathaway.

Despite the scale, investor demand appears strong. The company could raise more than $75 billion, potentially setting a record for a public offering. Interest has already spilled into secondary markets, where investors are seeking early exposure.

Valuation Drivers

The primary foundation of SpaceX’s valuation is its Starlink business, which has over 10 million users and accounts for a significant share of revenue. The company’s launch division also plays a key role, with its reusable rocket program—particularly the Falcon 9—dramatically reducing launch costs and increasing frequency.

In 2025, SpaceX generated approximately $15–16 billion in revenue and about $8 billion in EBITDA, reflecting strong growth. However, much of the valuation also depends on future projects such as the Starship program and integration with AI ventures like xAI.

Stretching Traditional Metrics

Using aggressive growth assumptions, SpaceX would trade at roughly:

  • 56× price-to-revenue
  • 109× price-to-EBITDA

These multiples significantly exceed even high-growth tech companies such as Tesla and Palantir Technologies, indicating that investors are pricing in substantial future expansion.

Risks and Uncertainty

The valuation depends heavily on continued growth in Starlink and successful execution of unproven initiatives. Delays in the Starship program or slower-than-expected adoption of satellite-based data services could pressure future performance.

Additionally, unlike publicly traded peers, SpaceX lacks transparent consensus forecasts, making valuation comparisons less precise.

Market Context

The company’s dominance in low-Earth orbit satellite deployment and launch frequency gives it a structural advantage. However, competitors such as Amazon are investing heavily in rival satellite networks.

Overall, SpaceX’s valuation reflects not only current performance but also investor confidence in founder Elon Musk and the company’s long-term role in space infrastructure, global connectivity and AI-driven services.

Super Micro Launches Probe After Export Violation Case

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Super Micro Computer has initiated an independent investigation following criminal charges against individuals linked to the firm over alleged export-control violations.

The U.S. Department of Justice has charged co-founder Yih-Shyan Liaw, sales manager Ruei-Tsang Chang and contractor Ting-Wei Sun with orchestrating a scheme to bypass export restrictions on U.S.-made servers.

According to authorities, the group allegedly routed servers through Taiwan to Southeast Asia, where they were repackaged and ultimately shipped into China. The case involves at least $2.5 billion in AI-related technology, including hundreds of millions of dollars in shipments over a short period.

Super Micro stated it is not a defendant in the case but has taken internal action. Liaw and Chang were placed on leave, while Sun was terminated. Liaw has also resigned from the company’s board.

The company has launched a parallel internal review of its global trade compliance systems. The investigation is being overseen by independent board members and supported by law firm Munger, Tolles & Olson and consulting firm AlixPartners for forensic analysis.

The case highlights ongoing concerns around export controls on advanced computing technology, particularly AI chips, and the challenges companies face in enforcing compliance across complex international supply chains.

The investigation’s findings will be reported to the board, though no timeline has been set for completion.

Anthropic Launches AI Cybersecurity Initiative With Big Tech Partners

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Anthropic has unveiled a new cybersecurity initiative, “Project Glasswing,” in collaboration with major technology firms including Amazon, Microsoft and Apple.

The program provides selected partners with early access to an advanced AI model, “Claude Mythos Preview,” designed for defensive cybersecurity applications. Additional collaborators include CrowdStrike, Palo Alto Networks, Google and Nvidia.

Anthropic stated that the model has already identified thousands of critical vulnerabilities across operating systems, browsers and other software, demonstrating its potential as a tool for proactive threat detection and mitigation.

The initiative emerges amid growing concerns over AI-driven cyberattacks. Industry discussions, including those at recent cybersecurity conferences, have increasingly focused on whether traditional security tools can keep pace with AI-enabled threats.

Under Project Glasswing, partner organizations will deploy the model in controlled environments to strengthen defensive capabilities. Anthropic also plans to share findings across the industry to improve overall cybersecurity resilience.

The company is extending access to around 40 additional organizations responsible for critical infrastructure and has committed up to $100 million in usage credits, along with $4 million in funding for open-source security initiatives.

Anthropic confirmed ongoing discussions with U.S. government agencies regarding the model’s capabilities and risk profile, reflecting heightened regulatory and national security interest in advanced AI systems.

The move underscores a broader industry shift: as AI becomes both a tool for attackers and defenders, leading technology firms are increasingly collaborating to build collective cybersecurity defenses.