Financial Times: SpaceX Valuation Faces Deep Uncertainty Despite Record IPO

—An in-depth Financial Times analysis concluded that SpaceX's $1 trillion-plus valuation rests on deeply uncertain assumptions about the company's long-term revenue potential, competitive position, and ability to execute on an extraordinarily ambitious launch manifest. The FT found that the valuation implies SpaceX will capture a dominant share of global satellite internet, launch services, and eventually Mars colonization revenues — projections with little historical precedent. Musk's simultaneous leadership of Tesla, X, and xAI was flagged as an execution and attention risk. The analysis noted that SpaceX's government contracts provide a relatively stable base but represent only a fraction of the valuation-implied revenue. Institutional investors have priced in enormous optionality that may never materialize.