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橙子Joyce
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BullishSpaceX’s Starship achieves its first orbital deployment! xAI merger brings a $40 billion computing power options window—why is SpaceX valued at $1.9 trillion?
Today, SpaceX marks a milestone moment: the third-generation Starship (B21+S41) successfully completes its first orbit insertion, and releases 26 V3 Starlink satellites at once—signaling that Starship has officially entered revenue-generating commercial flights!
Although one of the six engines malfunctioned, shortening the mission from 6 orbits (10 hours) to 2 orbits (3 hours), it still achieved the most critical first flight in Starship history!
1. V3 satellite capacity soars: the backbone of the space network takes shape
Performance leap: a single V3 Starlink satellite delivers a downlink capacity of 1 Tbps (10x that of V2), and the payload capacity per Starship launch is equivalent to 20 times that of a Falcon 9.
Scale advantage: each unit weighs 2 tons—Falcon 9 can no longer handle that. As Musk has planned, in the future a fully loaded single launch can carry 60 satellites, with a target of 100,000 satellites in orbit!
2. Computing power leasing explodes in popularity: AI becomes the second growth curve
Since SpaceX acquired xAI and merged it into SpaceXAI in February this year for $25 billion, the business model has been upgraded dramatically:
Incredible large orders: five customers—including Anthropic (about $1.25 billion per month) and Google Cloud (about $920 million per month)—have generated an annualized run-rate of approximately $40.8 billion in computing power contracts!
Orbital data centers: SpaceX has applied for up to 1 million in-orbit computing satellites, with plans to have Starship carry them into position by the end of next year, building a true space-based compute network.
Revenue mix overtakes Starlink: estimates suggest the computing business will account for 35% of revenue in 2026, and in 2027 it will surpass Starlink to become the company’s most profitable “crown jewel.”
3. A $1.9 trillion valuation—too expensive or not?
Earnings support: Q2 revenue hit $7.8 billion (up 92% year over year). The CFO said the company will push for $100 billion ARR (annual recurring revenue) by the end of 2026.
Elevated valuation: based on expected 2027 revenue, the price-to-sales ratio (P/S) remains near 20x, with a forward P/E of about 204x.
Due to failures, Blue Origin (New Glenn) and ULA (Vulcan/Centaur—“Fire God”) have been grounded, leaving competitors far behind. NASA’s Artemis moon program is also highly dependent on Starship.
Starship reaching orbit is not only a breakthrough in spaceflight history—it’s also a capital frenzy of “AI computing power + space communications.” As SpaceX starts deploying space data centers in 2027, the company is evolving from a rocket manufacturer into a space-compute and communications infrastructure giant at monopoly-level scale!
$SPCX.US
Today, SpaceX marks a milestone moment: the third-generation Starship (B21+S41) successfully completes its first orbit insertion, and releases 26 V3 Starlink satellites at once—signaling that Starship has officially entered revenue-generating commercial flights!
Although one of the six engines malfunctioned, shortening the mission from 6 orbits (10 hours) to 2 orbits (3 hours), it still achieved the most critical first flight in Starship history!
1. V3 satellite capacity soars: the backbone of the space network takes shape
Performance leap: a single V3 Starlink satellite delivers a downlink capacity of 1 Tbps (10x that of V2), and the payload capacity per Starship launch is equivalent to 20 times that of a Falcon 9.
Scale advantage: each unit weighs 2 tons—Falcon 9 can no longer handle that. As Musk has planned, in the future a fully loaded single launch can carry 60 satellites, with a target of 100,000 satellites in orbit!
2. Computing power leasing explodes in popularity: AI becomes the second growth curve
Since SpaceX acquired xAI and merged it into SpaceXAI in February this year for $25 billion, the business model has been upgraded dramatically:
Incredible large orders: five customers—including Anthropic (about $1.25 billion per month) and Google Cloud (about $920 million per month)—have generated an annualized run-rate of approximately $40.8 billion in computing power contracts!
Orbital data centers: SpaceX has applied for up to 1 million in-orbit computing satellites, with plans to have Starship carry them into position by the end of next year, building a true space-based compute network.
Revenue mix overtakes Starlink: estimates suggest the computing business will account for 35% of revenue in 2026, and in 2027 it will surpass Starlink to become the company’s most profitable “crown jewel.”
3. A $1.9 trillion valuation—too expensive or not?
Earnings support: Q2 revenue hit $7.8 billion (up 92% year over year). The CFO said the company will push for $100 billion ARR (annual recurring revenue) by the end of 2026.
Elevated valuation: based on expected 2027 revenue, the price-to-sales ratio (P/S) remains near 20x, with a forward P/E of about 204x.
Due to failures, Blue Origin (New Glenn) and ULA (Vulcan/Centaur—“Fire God”) have been grounded, leaving competitors far behind. NASA’s Artemis moon program is also highly dependent on Starship.
Starship reaching orbit is not only a breakthrough in spaceflight history—it’s also a capital frenzy of “AI computing power + space communications.” As SpaceX starts deploying space data centers in 2027, the company is evolving from a rocket manufacturer into a space-compute and communications infrastructure giant at monopoly-level scale!
$SPCX.US
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