SpaceX is currently at a $1.85 trillion market cap, and its valuation is heavily tied to AI. After buying xAI for $250 billion earlier this year, they spent $15.8 billion on AI infrastructure in Q2 alone. AI revenue came in at $2.5 billion last quarter. Musk expects the company to reach $100 billion in annual recurring revenue by the end of the year and $1 trillion by 2030. They already have compute deals with Alphabet and Anthropic. Starlink is also growing, with Q2 revenue at $4.3 billion, up 65% from last year, though they face competition from Amazon and AST SpaceMobile. With trailing 12-month revenue at only $21 billion, some are skeptical about the 2030 targets. Between heavy capital expenditures and expected share dilution, the author of the article predicts the stock could actually drop from around $140 today down to $100 over the next five years.