The potential IPO of SpaceX at a valuation exceeding $2 trillion is dividing investors, but Tema ETFs believes the market may still be underestimating what Elon Musk's space giant could ultimately become.

A recent research note from the firm argues that SpaceX should no longer be viewed merely as a rocket manufacturer, but rather as "the infrastructure layer for a future space economy."

The debate comes as prediction markets increasingly price in a SpaceX valuation north of $2 trillion ahead of its anticipated IPO, while Benzinga polling shows many retail investors remain skeptical about paying such lofty multiples.

Yet Tema CIO Yuri Khodjamirian argues the market narrative around SpaceX is evolving beyond launches and reusable rockets into broadband infrastructure, AI data capacity, satellite dominance and eventually entirely new space-enabled industries.

SpaceX May Already Have The Economics To Support A $2 Trillion Valuation

According to Khodjamirian, the strongest case for SpaceX's valuation may already exist within Starlink alone.

"Starlink already appears capable of justifying much of the $2 trillion valuation on its own," Khodjamirian wrote in Tema's research note, citing estimates that the satellite broadband business generated roughly $11.4 billion in revenue and $7.2 billion in EBITDA in 2025 from around 9 million subscribers.

Khodjamirian noted that ...