SpaceX's $2 Trillion Valuation Hinges on Unproven Orbital Data Centers That Require Expendable Rockets

SpaceX's orbital data center plans anchor a two-trillion-dollar valuation, yet the product has not flown. During its IPO road show, SpaceX disclosed that Starship's second stage will need expending on every launch in the near term, undercutting the reusability cost advantage that defined the company's market position. Public investors must eventually reconcile the orbital compute thesis against actual flight data.