Benedikt Kammel
Benedikt Kammel is Bloomberg News’ Managing Editor for Space & Aviation, covering the business of space, aerospace, airlines, and related transportation and technology stories.
AI Infrastructure Spending Is Driving Valuations Across Tech Markets
Tech investors are pricing not only AI models but the infrastructure, financing and execution needed to turn heavy spending into returns, according to Bloomberg Technology’s May 29 coverage. The program tied Dell’s raised outlook and AI server forecast, Anthropic’s reported $965 billion valuation and private-credit financing, and SpaceX’s lower reported $1.8 trillion IPO target to a broader question of whether demand can become durable revenue and profit. Its SpaceX segment framed the revised target as a test of investor willingness to underwrite Elon Musk’s operating record and ambitions at valuation multiples far beyond current sales.
SpaceX’s $1.8 Trillion IPO Case Depends on Long-Dated Market Creation
Bloomberg’s Benedikt Kammel said SpaceX’s reported cut in its IPO valuation target, from more than $2 trillion to at least $1.8 trillion, should be read as late-stage price discovery rather than a clear break in investor demand. The larger issue, he told Tim Stenovec, is that even the lower figure implies a valuation of about 96 times expected 2025 sales, requiring investors to underwrite Elon Musk’s long-term market-creation case rather than the company’s current revenue base.
SpaceX IPO Pitch Seeks $2 Trillion Valuation on AI and Mars
Bloomberg Technology’s Ed Ludlow framed SpaceX’s Nasdaq IPO filing as a test of whether public investors will underwrite Elon Musk’s farthest-reaching claims: a company seeking a valuation above $2 trillion, as much as $75 billion in proceeds and a $28.5 trillion addressable market built largely on AI, Starlink and Mars. Bloomberg reporters and guests said the filing asks investors to look past large losses, debt and Musk’s continuing control, while treating Starship and space-based infrastructure as central to the valuation case rather than speculative side projects. The program placed that pitch alongside Nvidia’s effort to prove AI demand is broadening beyond hyperscalers and possible OpenAI and Anthropic filings that could bring similar public-market scrutiny to frontier AI.