Back into orbit

SpaceX is now being valued less like a rocket company and more like an entire aerospace index.

At around $1.75 trillion, its valuation is roughly comparable to the combined market value of several global aerospace and defence leaders, including GE Aerospace, RTX, Boeing, Airbus, Safran and Honeywell.

The comparison is not perfect: these are mature listed companies with large revenues and cash flows, while SpaceX is valued on future potential — reusable rockets, Starlink, defence and space infrastructure.

Still, the message is clear: when one company is valued like an entire sector, expectations are already very high.