《Financial Times》: SpaceX IPO Showcases Musk's Narrative Skills, but $1.78 Trillion Valuation Still Needs Solid Cash Flow Validation

BlockBeats News, June 5th, The Financial Times published an article stating that the most exceptional aspect of the SpaceX IPO is the difficulty for outsiders to judge what kind of company it will become in the next 10 years, 5 years, or even 2 years, and this may be exactly the state Musk hopes to present. SpaceX confirmed on Wednesday that it is seeking a valuation of $1.78 trillion, which would make it the world's seventh-largest company by market capitalization. However, the path supporting this valuation is not clear. In February of this year, Musk merged SpaceX with xAI, making AI suddenly the most important business of SpaceX. Previously, SpaceX's core goal has always been to make humanity a multi-planetary species; now, AI occupies the dominant position in the company's plans, with xAI contributing over three-quarters of capital expenditures in the first quarter, and 93% of the addressable market in the prospectus related to AI.

Musk is good at continuously restructuring the narrative of his businesses according to market preferences. Previously, SolarCity was merged into Tesla and reshaped into an alternative energy group, and Twitter later combined with xAI. Currently, SpaceX is supporting the xAI transaction narrative that combines rockets with AI, aiming to surpass competitors by deploying AI data centers in space.

However, SpaceX launched about 2,200 metric tons into orbit last year, and Musk said that to participate in the orbital data center business, the company would need to launch 1 million metric tons annually. SpaceX's rockets and the Starlink satellite communication network are indeed significant achievements, but Musk's real advantage lies in crafting the narrative. He also pointed out that ultimately achieving positive cash flow will remain a key test of the valuation's validity.