The Financial Page

Is Elon Musk’s SpaceX Really Worth $1.75 Trillion?

埃隆·马斯克的SpaceX真值一万七千五百亿美元吗?
The billionaire spent more than two decades creating a successful space company. Now he’s pitching it as an A.I. play.
这位亿万富翁花了二十多年打造出一家成功的航天公司。如今,他正把它包装成一个人工智能项目来推销。
A person standing in a building lobby.
Source photograph by Kena Betancur / Bloomberg / Getty

Later this week, Elon Musk’s SpaceX is expected to issue stock to investors in what is shaping up to be the biggest initial public offering ever. The company has said it will issue 555,555,555 shares at a price of $135, which would value it at about $1.75 trillion. Musk, who is already the world’s richest person thanks to his stake in Tesla, will own about forty-two per cent of SpaceX after the I.P.O., and he stands to become the world’s first trillionaire.

本周晚些时候,埃隆·马斯克的SpaceX预计将向投资者发行股票,这有望成为有史以来规模最大的首次公开募股。该公司表示,将以每股135美元的价格发行555,555,555股,估值约为一万七千五百亿美元。马斯克凭借其持有的特斯拉股份,已是全球首富;IPO之后,他将拥有SpaceX约42%的股份,并有望成为世界上第一位万亿富翁。

As its name indicates, SpaceX is a space company, and an impressive one at that. Since being founded, in 2002, it has fired hundreds of rockets, pioneered the development of reusable rocket components, and displaced Boeing as the biggest supplier of launches to the Pentagon and NASA. Last year, it carried out five missions to the International Space Station, and in January of this year it participated in the first-ever medical evacuation of an astronaut. SpaceX’s Starship rocket, which is currently under development, is intended to be fully reusable. Musk has said it will be used for missions to Mars, possibly including human landings by 2031.“We do not want humans to have the same fate of dinosaurs,” SpaceX says in its official I.P.O. prospectus, which combines its founder’s trademark grandiosity with financial details about its business.

顾名思义,SpaceX是一家航天公司,而且是一家令人瞩目的航天公司。自2002年成立以来,它已发射了数百枚火箭,率先开发了可重复使用的火箭部件,并取代波音成为五角大楼和NASA最大的发射供应商。去年,它执行了五次前往国际空间站的任务,今年一月,它还参与了有史以来首次宇航员医疗撤离行动。SpaceX正在研发的“星舰”火箭,目标是实现完全可重复使用。马斯克曾表示,它将用于火星任务,可能包括在2031年前实现载人登陆。“我们不希望人类落得和恐龙一样的下场,”SpaceX在其官方IPO招股说明书中写道,这份文件将创始人标志性的宏大叙事与其业务的财务细节结合在了一起。

There’s plenty of room for skepticism about the prospect of humans colonizing Mars. Yet nobody can doubt SpaceX’s engineering prowess or its founder’s ability to create pathbreaking businesses from scratch, even as he posts incendiary tweets around the clock. Despite his right-wing politics and his efforts to downsize the federal government when he was at DOGE, Musk has also proved adept at garnering taxpayer support for his businesses in the form of federal contracts and subsidies. According to an analysis by the Washington Post, these outlays have over the years amounted to thirty-eight billion dollars.

对于人类殖民火星的前景,怀疑的空间很大。然而,没人能否认SpaceX的工程实力,也没人能否认其创始人从零开始打造开创性企业的能力,即便他昼夜不停地发布煽动性推文。尽管马斯克持右翼政治立场,并在政府效率部任职期间致力于缩减联邦政府规模,但他也证明了自己擅长以联邦合同和补贴的形式,为其企业争取纳税人的支持。据《华盛顿邮报》分析,这些年来,此类支出累计已达三百八十亿美元。

Since 2019, SpaceX has launched thousands of communications satellites into low orbit around the Earth, where they provide the backbone for its Starlink broadband service, which provides internet access to more than twelve million subscribers in one hundred and sixty-four countries. Primarily designed to connect people living in remote regions, Starlink has also proved to be a critical resource during the war in Ukraine, and in natural disasters from Malaysia to Texas. SpaceX’s space and connectivity arms now generate a lot of money: $15.5 billion in revenues last year. Although capital investments in Starship and other projects dragged the over-all company into a hefty net loss of nearly five billion dollars, it’s not difficult to see why SpaceX is potentially a very valuable business. Last week, Morningstar, a financial-research firm, estimated the fair value of the rocket launch and Starship divisions at $611 billion, a figure that would place SpaceX comfortably in the top twenty-five of all corporations globally. But it’s more than a trillion dollars short of SpaceX’s $1.75 trillion valuation target for the I.P.O. “We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” the Morningstar analysis said.

自2019年以来,SpaceX已向近地轨道发射了数千颗通信卫星,为其“星链”宽带服务提供骨干网络,该服务为一百六十四个国家超过一千二百万用户提供互联网接入。“星链”最初旨在连接偏远地区居民,但事实证明,它在乌克兰战争期间,以及从马来西亚到德克萨斯州的自然灾害中,也成为了关键资源。SpaceX的航天和连接业务部门如今创造了巨额收入:去年营收达一百五十五亿美元。尽管对“星舰”和其他项目的资本投入拖累公司整体陷入近五十亿美元的巨额净亏损,但不难看出SpaceX为何可能是一家极具价值的企业。上周,金融研究公司晨星估计,其火箭发射和星舰部门的公允价值为六千一百一十亿美元,这一数字足以让SpaceX轻松跻身全球所有公司前二十五名。但这比SpaceX为IPO设定的一万七千五百亿美元估值目标,还差了一万多亿美元。晨星的分析称:“我们认为该公司被严重高估,投资者将有机会在IPO后以更具吸引力的价位买入该股。”

In SpaceX’s telling, the huge valuation gap will be made up by its new A.I. division. In February, it acquired another of Musk’s companies, xAI, the owner of X, the social-media platform formerly known as Twitter, and the developer of Grok, the A.I. chatbot that Musk has touted as a non-“woke” alternative to OpenAI’s ChatGPT, Anthropic’s Claude, and Google’s Gemini. Despite Musk’s best efforts, however, Grok has yet to achieve the success of its rivals. Now operating as part of SpaceX, the xAI business brought in barely a fifth of the over-all company’s revenue during the first quarter of this year, and it had an operating loss of close to $2.5 billion. These forbidding financials didn’t put off Musk. Anthropic and OpenAI are both laying the groundwork for their own I.P.O.s; evidently, Musk saw a chance to go first. SpaceX is pitching itself to investors as an A.I. company, and it estimates the potential A.I. market at $26.5 trillion—the equivalent of more than eighty per cent of U.S. G.D.P.

按照SpaceX的说法,这个巨大的估值缺口将由它新成立的人工智能部门来填补。今年二月,它收购了马斯克旗下的另一家公司xAI,后者是社交媒体平台X(前身为推特)的拥有者,也是人工智能聊天机器人Grok的开发者。马斯克一直将Grok标榜为OpenAI的ChatGPT、Anthropic的Claude和谷歌的Gemini等“觉醒”派产品的替代品。然而,尽管马斯克尽了最大努力,Grok仍未取得其竞争对手那样的成功。作为SpaceX的一部分运营后,xAI业务今年第一季度的收入仅占公司总收入的五分之一,运营亏损接近二十五亿美元。这些令人生畏的财务数据并没有让马斯克却步。Anthropic和OpenAI都在为各自的IPO铺路;显然,马斯克看到了抢先一步的机会。SpaceX正将自己包装成一家AI公司向投资者推销,并估计潜在的AI市场规模为二十六万五千亿美元——相当于美国GDP的百分之八十以上。

In a world where A.I. mania was less advanced, you might have expected the I.P.O.’s underwriters—the banks hired to sell shares to investors—to have queried these numbers. We don’t live in that world. Theoretically, these banks, which are paid a percentage of every dollar raised, have a reputational stake in not overselling. But last week, Goldman Sachs, the lead underwriter, reportedly predicted that SpaceX’s A.I. revenues would rise more than a hundredfold over the next five years. Even Musk hasn’t gone that far.

在一个AI狂热尚未如此高涨的世界里,你或许会期望IPO的承销商——即受雇向投资者出售股票的银行——对这些数字提出质疑。但我们并不生活在那个世界里。理论上,这些按融资额百分比收取费用的银行,其声誉与不过度推销息息相关。但据报道,上周,主承销商高盛预测,SpaceX的AI收入将在未来五年内增长超过一百倍。就连马斯克都没说过这么夸张的话。

Not all of SpaceX’s A.I. business is dependent on Grok. At a time when many A.I. companies are facing a shortage of computing capacity, it has built two massive data centers in Memphis, Tennessee. During recent weeks, the company has reached agreements with Anthropic and Google to rent out some of this capacity for payments that, combined, reportedly come to more than two billion dollars a month. But the development that has generated the most excitement among Musk’s large investor fan club is the idea of SpaceX operating data centers in space. “As part of this agreement, Anthropic also expressed interest in partnering to develop multiple gigawatts of orbital AI compute capacity,” SpaceX said in a statement announcing the deal with Anthropic.

SpaceX的AI业务并非全部依赖Grok。在许多AI公司面临算力短缺之际,它在田纳西州孟菲斯市建成了两个大型数据中心。最近几周,该公司已与Anthropic和谷歌达成协议,出租部分算力,据报道,这些交易的月收入合计超过二十亿美元。但最令马斯克庞大的投资者粉丝俱乐部兴奋的,是SpaceX在太空运营数据中心的想法。SpaceX在宣布与Anthropic达成协议的声明中表示:“作为本协议的一部分,Anthropic还表达了合作开发数吉瓦级轨道AI计算能力的兴趣。”

The term “orbital-compute capacity” refers to the idea of stationing data centers in orbit and using solar energy to power them. “SpaceX is the only organization with the launch cadence, mass-to-orbit economics, and constellation operations experience to make orbital compute a near-term engineering program rather than a research concept,” the statement went on. Perhaps. In the prospectus, where I.P.O. candidates are legally obliged to acknowledge the risk factors attending their plans and ambitions, SpaceX admitted that setting up a fleet of data centers in space is “an incredibly difficult challenge,” which would require thousands of rocket launches each year to transport payloads weighing approximately a million metric tons in cumulative terms. Even if the orbital network could be successfully deployed, how would its components be maintained in such a hostile and remote environment? “No one else has previously operated or attempted to operate orbital AI compute, and the conditions of space on such AI infrastructure have not been tested,” the prospectus noted.

“轨道计算能力”一词指的是将数据中心部署在轨道上,并利用太阳能为其供电的想法。声明接着说:“SpaceX是唯一一家拥有发射频次、入轨成本经济性以及星座运营经验,能将轨道计算从一个研究概念变为近期工程项目的组织。”或许吧。在招股说明书中——IPO候选企业有法律义务在其中承认其计划和雄心所伴随的风险因素——SpaceX承认,在太空建立数据中心网络是“一项极其艰巨的挑战”,每年需要数千次火箭发射,才能将累计重量约一百万吨的有效载荷送入轨道。即使这个轨道网络能够成功部署,在如此恶劣和遥远的环境中,其部件又该如何维护?“此前从未有人运营或尝试运营过轨道AI计算,太空环境对此类AI基础设施的影响也未经测试,”招股书指出。

At this stage, the project looks more like a science experiment than a fully worked-out business plan. In Morningstar’s assessment of SpaceX, it said that utilizing solar power in space could theoretically give the firm a cost advantage over terrestrial operators of data centers, but added, “We are uncertain about the scientific and economic feasibility of such a plan.” Given these doubts, it placed a provisional value of $180 billion on SpaceX’s A.I. division, bringing its overall estimate of the company’s value to $780 billion, which is nearly a trillion dollars short of the I.P.O. target.

现阶段,这个项目看起来更像一个科学实验,而非一份详尽完善的商业计划。晨星在对SpaceX的评估中表示,理论上,利用太空太阳能可能使该公司比地面数据中心运营商更具成本优势,但补充说,“我们对此类计划的科学和经济可行性存疑。”鉴于这些疑虑,晨星对SpaceX的AI部门给出了1800亿美元的暂定估值,使其对公司的整体估值达到7800亿美元,这距离IPO目标仍有近一万亿美元的差距。

That’s a huge gap, and, purely in financial terms, the new stock looks like a risky proposition. The I.P.O. values SpaceX at more than ninety times its 2025 revenues. By comparison, when Google went public in 2004, it was valued at about ten times its trailing revenues; when Palantir, the data-analytics company, went public sixteen years later, the revenue multiple was about twenty. Musk is even outdoing himself. In June, 2010, when Tesla first issued shares, the company was valued at roughly fifteen times its prior-year revenues.

这是一个巨大的缺口,纯粹从财务角度看,这只新股看起来像是一个高风险的提议。此次IPO对SpaceX的估值是其2025年营收的九十多倍。相比之下,谷歌2004年上市时,估值约为其过去一年营收的十倍;十六年后,数据分析公司Palantir上市时,市销率约为二十倍。马斯克甚至超越了自己。2010年6月,特斯拉首次发行股票时,公司估值约是其前一年营收的十五倍。

Since then, Tesla’s stock price has risen more than three-hundredfold, an ascent that explains Musk’s godlike status among investors who bought in early. Many of these folks will surely purchase stock in SpaceX, too. Most I.P.O.s are restricted to institutional investors, such as pension funds, but Musk has reserved thirty per cent of the shares for retail investors—a stipulation that some skeptics attribute to self-interest rather than any democratic urge. “The valuation is kind of crazy, and the only way to justify it is for SpaceX to become a retail cult stock,” Steve Eisman, a money manager who became famous for shorting subprime mortgage securities before the crash of 2007-8, remarked on his podcast. “So, this is an I.P.O. of a sci-fi story tailor-made for a sci-fi cult—to infinity and beyond, or, in this case, to Mars.”

自那以后,特斯拉的股价上涨了三百多倍,这一涨势解释了马斯克在早期买入的投资者心中神一般的地位。这些人中的许多无疑也会购买SpaceX的股票。大多数IPO仅限于养老基金等机构投资者参与,但马斯克为散户投资者保留了30%的股份——一些怀疑论者将这一规定归因于私利,而非任何民主冲动。因在2007-2008年崩盘前做空次级抵押贷款证券而成名的基金经理史蒂夫·艾斯曼在他的播客中评论道:“这个估值有点疯狂,唯一能证明其合理性的方法,就是让SpaceX成为一支散户追捧的邪教股。所以,这是一场为科幻邪教量身定制的科幻故事IPO——飞向无限,或者,在这个案例中,飞向火星。”

In his classic book “A Random Walk Down Wall Street,” the economist Burton G. Malkiel noted that, traditionally, there have been two theories of stock valuation: the “firm foundation” theory, which relates stock prices to economic fundamentals, like profits and interest rates; and the “castles in the air” theory, in which investors concentrate on “psychic values.” As Tesla’s history demonstrates, Musk can create companies that eventually make hefty profits, but he’s also a master castle builder. Even as competitors have eaten into Tesla’s E.V. business during recent years, he has managed to keep its stock price up by insisting that it’s now an A.I. robotics company. Now he’s adopting a similar strategy with SpaceX. By this weekend, SpaceX is likely to be worth considerably more than Tesla, even though it generates less than a fifth of its revenues. Given all the hype around A.I., the enduring faith of the Musk fan club, and the fact that many index funds will be obliged to buy SpaceX as it enters the Nasdaq 100 index, the newly issued stock may well pop despite its stratospheric valuation. At some point, though, gravity will surely assert itself. And, if last week’s sell-off in tech stocks is a harbinger, that moment may not be very far away. ♦

经济学家伯顿·G·马尔基尔在其经典著作《漫步华尔街》中指出,传统上有两种股票估值理论:一是“坚实基础”理论,将股价与经济基本面(如利润和利率)挂钩;二是“空中楼阁”理论,投资者专注于“心理价值”。正如特斯拉的历史所证明的,马斯克能创造出最终赚取丰厚利润的公司,但他同时也是一位建造空中楼阁的大师。即使近年来竞争对手蚕食了特斯拉的电动汽车业务,他仍通过坚称特斯拉现在是一家人工智能机器人公司,成功地维持了其股价。现在,他对SpaceX也采取了类似的策略。到本周末,SpaceX的市值很可能远超特斯拉,尽管其收入还不到后者的五分之一。考虑到围绕AI的种种炒作、马斯克粉丝俱乐部持久的信仰,以及许多指数基金在SpaceX纳入纳斯达克100指数时将被迫买入的事实,这只新发行的股票即便估值高得离谱,也很可能迎来上涨。然而,在某个时刻,地心引力必将发挥作用。而且,如果上周科技股的抛售是一个预兆,那么那个时刻或许已经不远了。 ♦

2 free previews left — register to get 30 translations a month