Sawyer Merritt: SPCX Market Cap $1.8T Is 'Undervalued' — 2027 ARR Forecast $500B–$1T, Starlink Mobile & Orbital Compute Not Priced In
Published · Updated · By Investus editorial desk (SUNRYU Partners)
Tesla/SpaceX analyst Sawyer Merritt argues SPCX at $1.8T market cap is undervalued. His thesis: even 50% of the low-end 2027 ARR forecast ($500B–$1T) — meaning just $250B — isn't priced in. Starlink Mobile (direct-to-phone) and orbital AI compute are not in the calculation at all. At $500B ARR, SPCX trades at ~3.6x EV/ARR, below hyperscaler comps.
A full English translation of this report is in progress. The analysis below reflects the original Korean research. Read the Korean original →
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This article is editorial research for informational purposes only. It is not investment advice, a recommendation, or a solicitation to buy or sell any security, and does not guarantee any return. Markets carry risk of loss. Verify figures against the primary sources before making decisions.