估值或达8000亿美元？大摩：SpaceX下一个宏大叙事将是太空数据中心

Core Viewpoint - Morgan Stanley suggests that Elon Musk's next grand narrative may be space data centers, significantly boosting SpaceX's valuation to $800 billion, driven by a new AI infrastructure narrative called "orbital data centers" [1][3]. Group 1: SpaceX Valuation - Reports indicate that SpaceX is initiating a secondary stock sale with a valuation of $800 billion, doubling its previous valuation of $400 billion from July [3]. - If included in the S&P 500, SpaceX's $800 billion valuation would rank it 13th, between JPMorgan and Oracle [3]. - SpaceX's valuation is projected to exceed the combined market capitalization of the six largest U.S. defense contractors [5]. Group 2: Musk's Response and Market Dynamics - Musk's denial of the $800 billion valuation report is nuanced, primarily denying the "raising new funds" aspect, emphasizing the company's positive cash flow over the years [7]. - Musk provided reasons for the valuation increase, including advancements in Starship and Starlink, and the expanded market space due to global direct cellular spectrum acquisition [7]. Group 3: Orbital Data Center Concept - Morgan Stanley outlines Musk's vision for SpaceX's entry into orbital data centers, aiming to address physical bottlenecks on Earth, such as power shortages and scalability [8]. - Musk envisions launching 1 million tons of payload annually to deploy satellites capable of providing 100 GW of AI computing power [8]. - The proposed facilities would have zero operational costs and connect to the Starlink constellation via high-bandwidth laser links [8]. Group 4: Competitive Landscape - Despite SpaceX's dominance, Morgan Stanley notes that the orbital data center sector is not exclusive to one player, with several companies actively entering the field [11]. - Starcloud, a startup, aims to deploy orbital data centers using solar energy and passive cooling, having raised over $20 million in seed funding [11]. - Axiom Space is developing an orbital data center product line, planning to launch two nodes by the end of 2025, with over $700 million raised [11]. - Google is advancing its Project Suncatcher, aiming to build solar-powered satellites for space AI/computing data centers, with prototype launches planned for early 2027 [11]. - NVIDIA is also involved in the space/orbital data center frontier, providing high-performance GPUs and infrastructure [12].