SpaceX is back trading around its $150 IPO price after giving up its early gains. The current market cap is roughly $2 trillion. Starlink is doing well, pulling in $4.3 billion in Q2 sales and turning an operating profit. However, the space and AI divisions are burning a lot of cash. The AI side brought in $2.6 billion but lost $3.7 billion in the first half of 2026. They spent $28.5 billion on capex in H1 2026 alone, mostly to build out AI infrastructure. They have $100 billion in cash, but at this burn rate, they might need to take on more debt or issue shares. Base case estimates have them hitting $400 billion in revenue by 2030. This could put their valuation around $4 trillion to $4.8 trillion. It offers solid potential upside, but the massive starting size limits how much it can grow by the end of the decade.