Space X投资人：今年的IPO将是“史上最大的造富事件”，马斯克仍被低估，火箭运力过剩催生太空数据中心

Core Insights - Shaun Maguire from Sequoia Capital believes that SpaceX's upcoming IPO will be "the healthiest wealth creation event in history," with the company's valuation skyrocketing from $36 billion in 2019 to $800 billion [1][12] - The market is still significantly undervaluing Elon Musk's contributions, particularly regarding SpaceX's excess rocket capacity, which could lead to the emergence of space data centers as a major market opportunity [1][4] Investment Overview - Sequoia Capital has invested approximately $1.2 billion in SpaceX since 2019, with the current value of this investment estimated at $12 billion, yielding a tenfold return [3][30] - Maguire's investment decision was initially seen as "crazy" due to the limited growth potential of SpaceX at that time, as the market had assigned zero value to its Starlink satellite network and Starship rocket [3][6] Starlink Business Evolution - SpaceX's valuation increase is primarily driven by four phases of the Starlink business: 1. Consumer network reaching 9.2 million subscribers by the end of 2024 [3][7] 2. Expansion into the enterprise market, particularly with airlines [7][19] 3. Government and defense services through the Starshield product line [7][19] 4. The Direct-to-Cell service, which is expected to have 6 million subscribers by the end of 2024 and could surpass consumer network revenue by 2028 [8][21] Space Data Center Opportunity - The space data center initiative is seen as a significant opportunity for SpaceX, as the company anticipates excess launch capacity once Starship becomes operational in 2026 [4][9] - The demand for AI data centers on Earth is constrained by power, land, and regulatory issues, creating a mismatch with SpaceX's excess capacity [9][10] Musk's Unique Business Philosophy - Musk's approach differs from conventional CEOs, focusing on long-term infrastructure development before monetization, which allows for explosive growth once technological milestones are achieved [5][10] - Maguire emphasizes that Musk's ability to integrate hardware and infrastructure gives him a competitive edge in the AI race, as physical resources become increasingly critical [10][11] Cultural Impact of the IPO - The upcoming SpaceX IPO is expected to create a constructive wealth flow, as many employees are mission-driven and have been with the company for over 15 years, focusing on the company's goals rather than personal wealth [11][50] - The culture at SpaceX is characterized by a commitment to its mission, which may mitigate the negative effects often associated with sudden wealth [50][53]