# 'Never Bet Against Elon': Peter Diamandis Believes SpaceX Could Reach $10 Trillion > Source: > Published: 2026-08-05 06:13:36+00:00 # 'Never Bet Against Elon': Peter Diamandis Believes SpaceX Could Reach $10 Trillion ## The entrepreneur says Wall Street overlooks SpaceX's broader tech ecosystem, including Starlink, AI, and advanced manufacturing Peter Diamandis believes Wall Street is making one of its biggest mistakes yet by underestimating SpaceX's long-term potential. The entrepreneur, investor, and founder of the XPRIZE Foundation argues [Elon Musk's aerospace company](https://www.ibtimes.co.uk/elon-musk-spacex-ai-anthropic-deal-1808029) could become the first business in history to reach a $10 [trillion valuation](https://www.ibtimes.co.uk/spacex-valuation-ipo-risk-analysis-1806169) because investors remain focused on its rockets while overlooking its rapidly expanding communications, AI, and manufacturing businesses. His comments, shared in a lengthy post on X ahead of SpaceX's latest earnings, quickly gained attention after Musk responded with two rocket emojis, signalling his approval of the bullish assessment. ## Why Diamandis Thinks SpaceX Is Misunderstood According to Diamandis, the market continues to value SpaceX as if it were primarily a launch company. Instead, he argues it should be viewed as five interconnected businesses that reinforce one another: - Starlink satellite broadband - AI computing infrastructure - Semiconductor manufacturing - Reusable launch services - Vertically integrated space infrastructure Diamandis argues the businesses reinforce one another, creating a vertically integrated ecosystem that competitors struggle to replicate. 'The Street doesn't fully understand how to value SpaceX because it keeps trying to price one company,' Diamandis wrote. 'It's actually five.' ## Starlink Could Be Worth More Than Many Telecom Giants A major pillar of Diamandis' investment case is Starlink, which has become one of the world's largest satellite internet providers. He described the network as a rapidly expanding global communications platform capable of connecting billions of people while also supporting direct-to-device satellite connectivity for mobile phones. Diamandis argued that Starlink has moved beyond being simply a satellite internet service, describing it instead as one of the fastest-scaling communications utilities in history. He also highlighted reported growth in subscribers and improving cash flow as evidence that the business is becoming an increasingly important contributor to SpaceX's overall value. ## AI Could Become an Even Bigger Business Diamandis believes investors may be overlooking another major opportunity: artificial intelligence infrastructure. He pointed to reported computing agreements involving companies including Google, Anthropic, and Reflection AI, arguing these contracts demonstrate significant demand for SpaceX's expanding AI capabilities. According to his analysis, those agreements represent roughly $28 billion in annualised contracted compute revenue, although he noted that longer-term projections remain scenario estimates rather than official company guidance. He also highlighted Musk's plans for Starmind, a proposed satellite-based AI computing network designed to provide solar-powered computing capacity from orbit. If developed at the scale Musk has discussed publicly, Diamandis argues it could become one of SpaceX's most valuable businesses over the coming decade. ## Reusable Rockets Remain the Foundation While much of the discussion focused on artificial intelligence and satellite broadband, Diamandis said SpaceX's launch business remains the foundation that makes everything else possible. He noted that launch costs have fallen dramatically over the past two decades. According to his comparison, the Space Shuttle cost around $54,000 per kilogram to reach orbit, while Falcon 9 reduced that figure to approximately $2,500 per kilogram. Starship aims to reduce launch costs to below $100 per kilogram, potentially transforming the economics of operating in space. Diamandis argues that lowering launch costs does more than improve the rocket business. It creates entirely new commercial markets by making space significantly more accessible for governments and private companies alike. ## Why Some Investors Remain Cautious Despite the optimism, many analysts remain cautious because the $10 trillion valuation depends on ambitious long-term projects that have yet to generate the returns envisioned by supporters. Diamandis compared the company's strategy with Amazon's early years, arguing that today's losses reflect investment in future growth rather than operational weakness. However, many of the financial projections discussed in his post are based on long-term scenarios and industry analysis rather than official guidance from SpaceX. ## The Bigger Picture Whether SpaceX eventually becomes the world's first $10 trillion company remains uncertain. Even so, Diamandis' thesis reflects a broader shift in how some investors now view SpaceX. Increasingly, the company is being valued not only for its launch business, but also for its ambitions in global communications, artificial intelligence, semiconductor manufacturing, and space infrastructure. Musk's brief but public endorsement has amplified the debate, leaving investors to decide whether SpaceX's current valuation already reflects those ambitions or whether, as Diamandis argues, Wall Street is still underestimating the company's long-term potential. © Copyright IBTimes 2025. All rights reserved.