Musk Stocks Split as Tesla Share Price Faces SpaceX Rivalry
SpaceX hit public markets today at a touted $1.75 trillion valuation, and tesla share price now sits beside a second Musk bet. For the first time, investors have to choose between SpaceX and Tesla rather than just one Musk stock. That split comes as Tesla’s core car business is under pressure while SpaceX enters at a much richer sales multiple.
SpaceX at $1.75 trillion
$1.75 trillion is the new public-market marker for SpaceX, versus Tesla’s roughly 14x trailing sales valuation. SpaceX enters at over 90x trailing sales, a gap that puts a far higher price on its growth path than on Tesla’s current revenue base. Elon Musk is at the center of the comparison between the two companies.
$18.7 billion in 2025 SpaceX revenue gives that valuation more operating weight than a pure concept story, and $11.4 billion of it came from Starlink. Starlink also posted a 63% segment EBITDA margin and 86% year-on-year growth, while SpaceX’s consolidated net loss was $4.9 billion. The business is scaling fast, but it is still spending heavily to do it.
Tesla’s 2025 slide
$94.8 billion was Tesla’s full-year 2025 revenue, down 3% year on year and the company’s first-ever annual revenue decline. Automotive revenue fell 10% to $69.5 billion, deliveries dropped 9%, and BYD surpassed Tesla as the global EV leader in 2025 with 2.26 million units delivered. Tesla’s grip on its core market is loosening, not tightening.
$14.6 billion was Tesla’s adjusted EBITDA in 2025, with a 15.4% margin, down from 16.4% in 2024 and 17.2% in 2023. Three straight years of margin compression leave less room for disappointment as the company leans on robotaxi and Optimus bets that remain unproven. Alphabet’s Waymo has more driverless taxis on the road right now, more miles driven, and cleaner regulatory relationships.
Starlink growth vs. Tesla pressure
10.3 million was Starlink’s subscriber count by March 2026 across 164 countries, up from 8.9 million at the end of 2025 and 2.3 million in 2023. SpaceX raised Starlink plan prices by up to $10 a month in May 2026, and since 2023 no enterprise customer paying more than $750K a year has voluntarily cancelled. “SpaceX’s story has receipts, and they’re compounding.”
170 launches in 2025, up from 98 in 2023, show how much the launch operation has scaled, with mass to orbit nearly doubling. “This is the sign of an annuity business throwing off real cash.” For Tesla holders, the read-through is blunt: the market now has two Musk equities to compare, and one of them comes with faster revenue growth, a larger revenue base from Starlink, and a valuation that already bakes in more.
