Investor Chamath Palihapitiya has shared a detailed breakdown of SpaceX and its valuation ahead of the company's highly anticipated IPO. In his analysis, he compares SpaceX's impact on space access to a historic shift in global trade that dates back to 1497.

A Centuries‑Old Analogy for SpaceX's Moment

Palihapitiya is no stranger to the space sector. He previously served as chairman of Virgin Galactic, which he helped take public through a SPAC merger. Through his venture fund Social Capital, he is also an investor in SpaceX.

In his new deep dive, Palihapitiya argues that SpaceX's value stems from one core idea: the company has dramatically lowered the cost of reaching space, unlocking opportunities that were previously impossible.

"That valuation is based on the thesis that SpaceX has opened the lowest‑cost route into space, and that the largest opportunities are still ahead," he said, posting his views on X.com.

To illustrate the point, Palihapitiya reaches back to 1497. At the time, spices reached Europe through land routes controlled by middlemen who marked up prices by 20 to 30 times. That changed when explorer Vasco da Gama discovered a sea route around the Cape of ...