SpaceX since the IPO: fundamentals, execution or narrative?

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Originally prepared for an Esade session, the presentation looks beyond recent share-price movements to explore the longer-term equity story: the $28.5tn TAM, the acceleration in AI and cloud revenues, the scale of the required CapEx and funding, and the economics of Starship and orbital compute.

The central question is simple: how much of SpaceX’s extraordinary future is already reflected in today’s valuation — and what evidence will investors need next?