SpaceX will be worth trillions, but the space station that made it possible is worth even more — if we don’t squander it |
SpaceX will be worth trillions, but the space station that made it possible is worth even more — if we don’t squander it
SpaceX is expected to debut on the public markets at a $2 trillion valuation. That number is extraordinary for any company, but for me, a space enthusiast, space investor, and space entrepreneur, it also carries an uncanny connection to how SpaceX got its start — its “wedge” into the market.
That wedge is the International Space Station (ISS). The ISS — the most expensive and ambitious engineering project in human history — is where SpaceX began sending cargo in 2012 and humans in 2020. For over a quarter century, first before SpaceX and now because of it, the ISS has been a triumph of science, diplomacy, and persistence. But as the ISS nears deorbit, there is a very real risk of losing trillions of dollars in latent value currently trapped in the ISS and the space industry’s antiquated economic model.
With roughly $250 billion of taxpayer investment — $150 billion to build and $4 billion annually to maintain — the ISS has created immense scientific and technological value. However, if that same capital had been invested in the S&P 500 over the same period, it would be worth over $2 trillion today — ironically, the exact projected market cap of SpaceX.
This comparison is not intended to diminish the intangible value of scientific exploration but to illustrate the significant........