SpaceX's $2 Trillion Valuation Rests on Orbital Data Centers That Don't Yet Exist

SpaceX's two-trillion-dollar valuation pivots on orbital compute—data centers in space. During IPO discussions, the company revealed Starship's second stage will be expendable for the near term, abandoning the reusability advantage that built SpaceX's economics. Investors will need to see actual flight data before the orbital thesis holds weight.