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#SpaceX99%ValueFromAI The claim that almost all of SpaceX's value comes from AI sounds extreme. But the underlying valuation debate is genuinely interesting. SpaceX's 2026 IPO valued the company around $1.77T, and the company has since traded around a much larger valuation at points in the public market. Here's the important distinction: Revenue ≠ valuation contribution. SpaceX's 2025 revenue was about $18.7B. Connectivity/Starlink generated roughly $11.4B, making it by far the largest revenue contributor. Starlink subscribers reached approximately 10.3M by Q1 2026. Yet the market is assigning enormous value to the company's AI ambitions. One CFRA analyst estimated that 71% of SpaceX's ~$2T valuation could be attributed to xAI, despite AI being much smaller than Starlink in current revenue terms. And this isn't just theoretical spending. SpaceX's AI infrastructure investment has become massive. AI capex was approximately $7.72B in Q1 2026, around three-quarters of total company capital spending at the time. Analysts expected roughly $10.2B of AI capex in Q2. Then came the first post-IPO earnings report: Q2 revenue: $7.8B Net loss: $541M Adjusted EBITDA: approximately $3.5B AI capex: roughly $15.8B according to reports. That's the part I find most important. The market isn't simply valuing SpaceX for today's cash flows. It's pricing a future where Starlink + launch infrastructure + AI compute + xAI/Grok become one integrated technology platform. That could be enormously valuable. But it also creates enormous execution risk. My opinion: I wouldn't say “99% of SpaceX's value comes from AI.” I'd say a surprisingly large percentage of its future valuation depends on the market believing its AI ambitions will eventually produce returns that today's financial statements don't yet prove. That's a much more interesting investment question. #OKXOrbitTopics #OKXTraderVoices $FET $TAO