Just days after SpaceX‘s (NASDAQ:SPCX) blockbuster public debut pushed the company’s valuation above $2 trillion, investor and French tech figure Brivael Le Pogam argued the company could eventually be worth between $30 trillion and $50 trillion within five years, a thesis Elon Musk called as “interesting.”
Le Pogam said Saturday that Wall Street is making the mistake of valuing SpaceX as a launch company and satellite internet provider rather than the infrastructure platform for an entirely new space economy.
Not Just Another Aerospace Company
Le Pogam argued that analysts focusing on launch services and Starlink are missing the larger opportunity created by Starship’s potential to dramatically reduce the cost of reaching orbit.
“It’s like valuing the internet in 1995 based on the fax market,” he said on X.
According to Le Pogam, lower launch costs could unlock entirely new industries rather than simply expand existing ones.
Musk responded to the post with a brief “Interesting analysis,” drawing additional attention to Le Pogam’s bullish thesis.
SpaceX made its highly anticipated public debut Friday, opening at $150 after pricing at $135, climbing as high as $176.52 and closing at $160.95.
A Bet On Industries That Don’t Exist Yet
Le Pogam said that every major technological leap that dramatically lowered infrastructure costs, from computing to the internet, created entirely new industries rather than expanding existing ones.
He highlighted opportunities ranging from orbital data centers powered by continuous solar energy and naturally cooled by space to microgravity manufacturing, where semiconductors, optical fibers and even pharmaceutical products could potentially be produced more efficiently than on Earth.
The investor also added that long-term opportunities in space tourism, asteroid mining and future infrastructure projects supporting human settlement beyond Earth, arguing that SpaceX is positioned to benefit from each stage of that expansion.
Owning The Toll Road To Space
Le Pogam argued that SpaceX’s greatest advantage is not participation in those industries but ownership of the infrastructure required to access them.
“SpaceX owns the entry toll to all these markets,” he wrote, comparing the company to foundational platforms that benefited from entire ecosystems built on top of them.
Rather than viewing SpaceX as a rocket company, Le Pogam argued investors should see it as the gateway to a potentially massive space-based economy.
Buy Optimism
The comments came as Musk said Sunday that SpaceX could generate approximately $1 trillion in annual revenue by 2030, underscoring the scale of ambitions surrounding the company.
Goldman Sachs (NYSE:GS) projects SpaceX could increase revenue by up to 100 times by 2030, compared with $18.7 billion in revenue the company reported in 2025.
While critics argue such projections rely on industries that may take decades to develop, supporters contend that Wall Street is still underestimating the economic impact of cheaper access to space.
“Buy optimism. It’s still undervalued,” Le Pogam added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: JRdes on Shutterstock.com
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