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NEW YORK, May 21 (Reuters) -

GROK'S SPACEX MATH: ADD ROCKETS, MULTIPLY BY OPTIMISM, CARRY THE TRILLION

How much is SpaceX worth? Ask different AI agents or large language models (LLMs) and you'll get different answers, especially from Elon Musk's Grok.

SpaceX took the wraps off its IPO filing on Wednesday, laying bare for investors just how much Musk is losing on AI while betting the company's future on transforming the rocket maker into an ​AI powerhouse.

SpaceX is aiming for a $1.75 trillion valuation target that would eclipse Saudi Aramco's 2019 offering, which set a record for the world's biggest IPO when it debuted on Riyadh's exchange at a value of $1.7 trillion.

While Starlink generated an operating profit of $1.19 billion in the first quarter, it wasn't enough to prevent the company from booking a total operating loss of $1.94 billion on $4.69 billion in revenue. Starlink provides most of SpaceX's revenue, but its average revenue per user is declining.

We gave three LLMs SpaceX's S-1 filing and asked each to estimate SpaceX's value. Here are the results:

SpaceX's Grok: $1.4 to $.18 trillion

"SpaceX's $1.4-1.8T IPO valuation applies a 75-95x multiple to its $18.7B 2025 revenue, driven by Starlink growth, rocket dominance, and AI/space potential."

Alphabet's Gemini: $530 - $695 billion

"The estimation applies a premium 7x-26x revenue multiple to SpaceX’s launch and Starlink metrics, while carrying over a $250 billion private valuation for its newly absorbed AI segment."

Anthropic's Claude: $106 billion

"Valuing Starlink at 15 times its $7.2 billion in annual cash profits, and applying standard revenue multiples to the loss-making rocket launch and AI divisions, puts SpaceX's equity value at roughly $106 billion after subtracting its $13 billion in net debt."

(Noel Randewich)

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