SpaceX valuation faces "narrative premium" controversy: PitchBook considers 1.5 trillion USD reasonable, anything higher is "absurd".

(1) SpaceX is about to initiate its IPO, with market rumors suggesting it will go public at a valuation of $1.75 trillion. Financial data company PitchBook, which specializes in private equity and venture capital, believes that SpaceX's reasonable valuation is $1.5 trillion, with the remaining portion attributed to premiums from the space, AI narrative, and the "Musk halo effect." (2) PitchBook analyst Franco Granda stated that based on SpaceX's leading position in launch and satellite sectors, its financial data, and industry benchmarks, Starlink is valued at approximately $1.2 trillion, with launch and other businesses at around $300 billion. (3) When the valuation exceeds $1.5 trillion or even approaches $2 trillion, the additional premium is the market "pre-paying" for long-term dreams like AI business, space data centers, etc. This narrative premium is considered a "potential option" for the company's next 20 years, which Granda believes "seems somewhat overly optimistic or even absurd."