SpaceX hit public markets today at a touted $1.75 trillion valuation, and Elon Musk’s two biggest bets are now being judged side by side. Investors who once had only Tesla to weigh against his vision now have two Musk stocks to choose from, and the comparison starts with a stark valuation gap.
Tesla trades at roughly 14 times trailing sales. SpaceX enters at more than 90 times trailing sales, a multiple that immediately puts the space company in a different class of ambition and expectation. For readers searching Tesla Share Price today, that spread is the point: the market is being asked to decide whether the carmaker still deserves the old growth-company premium while a newer Musk asset arrives with even richer pricing.
The numbers behind Tesla explain why the debate has sharpened. The company’s full-year 2025 revenue was $94.8 billion, down 3% from a year earlier, and it posted its first-ever annual revenue decline. Automotive revenue fell 10% to $69.5 billion. Adjusted EBITDA came in at $14.6 billion, with the margin sliding to 15.4% from 16.4% in 2024 and 17.2% in 2023. Deliveries fell 9%, and BYD surpassed Tesla as the global EV leader in 2025 with 2.26 million units delivered.
SpaceX, by contrast, is arriving with a much cleaner story. It reported $18.7 billion in 2025 revenue, with Starlink delivering $11.4 billion of that total and posting a 63% segment EBITDA margin. Starlink grew 86% year on year, subscribers climbed from 2.3 million in 2023 to 8.9 million by the end of 2025, and reached 10.3 million by March 2026 across 164 countries. Launches rose from 98 in 2023 to 170 in 2025, and mass to orbit nearly doubled. SpaceX also raised Starlink plan prices by up to $10 a month in May 2026, a sign of real pricing power rather than story value.
That is what makes Tesla the harder trade. It is still priced like a high-conviction narrative stock even as its grip on the EV market loosens, while SpaceX looks more like a business with recurring cash flow and a moat that is easier to measure. Tesla’s bull case has increasingly shifted toward Optimus and a robotaxi network, but Waymo already has more driverless taxis on the road and more miles driven. SpaceX also carried a consolidated net loss of $4.9 billion, while the xAI segment ran a $6.4 billion operating loss, underscoring that not every Musk-linked ambition is built on the same financial footing.
The immediate question is not whether Musk still commands investor attention. He does. It is how long the market will keep treating Tesla as the default proxy for that attention when SpaceX has now entered the public arena with better revenue momentum, stronger margins and a far cleaner operating picture. The next move belongs to investors, and they will be telling Musk which version of his empire they believe is worth paying for.
