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The Numbers are in: A Post-Prospectus SpaceX Valuation!

Jun 4, 2026

Aswath Damodaran revisits his valuation of SpaceX using its recently released prospectus. He notes that while the operating numbers were close to his estimates, revenues from XAI were higher than anticipated due to compute space leasing. Despite a larger operating loss than expected, the net debt is negative due to substantial cash reserves, leading to minimal changes in his overall valuation.

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Tesla is mentioned as an example of a successful bet on Elon Musk and electric cars, contrasting with the current SpaceX discussion.

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Damodaran contrasts the length of modern prospectuses with those of Apple and Microsoft in the 1980s.

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Damodaran contrasts the length of modern prospectuses with those of Apple and Microsoft in the 1980s.

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