SpaceX’s run toward a $3 trillion valuation widens the gap between narrative and financials

SpaceX briefly climbed to a $2.97 trillion valuation, overtaking Microsoft and Amazon to rank as the world’s fourth-most valuable company. Yet the company posted a $9 billion net loss on $19 billion in annual sales, leaving it trading at more than 150 times revenue. The surge has fueled fresh scrutiny of “story-driven” valuations that lean on future promises rather than current profitability. The dynamic is being compared with Tesla, whose long-running premium has also been sustained by faith in growth narratives.