BlockBeats News, June 6th, Fortune magazine cited David Trainer, CEO of research firm New Constructs, as saying that to support a valuation of about $1.75 trillion, SpaceX would need to increase its annual revenue to about $1.1 trillion by 2035, a nearly 60-fold increase from $18.7 billion in 2025, maintaining an average annual revenue growth rate of about 50% over the next decade.

According to SpaceX's previous IPO filing, the company had revenue of $18.7 billion in 2025 and a net loss of $4.9 billion. Based on a discounted cash flow model, Trainer calculated that if investors expect an annualized return of about 10% over the next decade, SpaceX must achieve the above-mentioned growth target.

The analysis pointed out that with a revenue scale of $1.1 trillion, SpaceX's revenue would account for about 2.4% of the U.S. GDP in 2035, surpassing the entire U.S. utilities sector and approaching three-quarters of the size of the U.S. transportation sector.

Trainer stated that despite the vast market space in artificial intelligence, many competitors, including Alphabet, Microsoft, NVIDIA, OpenAI, etc., are vying for market share. Achieving such growth scale lacks a historical precedent for SpaceX. He believes that SpaceX could not only become the largest IPO in history but also potentially the most expensive valuation.