The market may be pricing today's revenue, while missing tomorrow's infrastructure. SpaceX ($SPCX) now trades near 10x estimated 2028 sales, a valuation that still divides investors. The consensus says the stock is expensive after its volatile IPO. The overlooked question is whether investors should value it as a launch company or as long duration infrastructure. Recent Starship progress reinforces the path toward lower launch costs, while Starlink and future compute capacity could expand monetization beyond connectivity. Key catalysts include upcoming earnings and continued Starship execution. Risks remain meaningful: rich valuation, lockup overhang, and execution on capital intensive projects. If launch economics improve faster than expected, does today's multiple still look demanding, or merely early?
