SpaceX's two biggest levers have nothing to do with rockets or Starlink (Save this).
Milk Road AI Twitter · Milk Road AI (@MilkRoadAI) · 2026-06-15
Milk Road AI summarizes investor Gavin Baker's thesis that SpaceX's valuation is driven by two underappreciated levers unrelated to rockets or Starlink, identifying xAI's data center business as one primary driver.
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Extraction
Topics: spacex-valuationxai-datacenterprivate-market-valuationai-infrastructure
Claims
- SpaceX's two most important valuation drivers are not its rocket launch business or Starlink.
- xAI's data center business is identified as one of the primary levers driving SpaceX's valuation.
- Investor Gavin Baker has articulated an unconventional framework for evaluating SpaceX's private market value.
Key quotes
SpaceX's two biggest levers have nothing to do with rockets or Starlink (Save this).
xAI's data center business is the [key lever]