为什么说星链业务才是SPCX估值的压舱石
(Translate by AI)Why Starlink is the ballast for SPCX valuations
很多人只盯着星舰，但我认为星链才是SpaceX的基本盘：全球超过500万订阅用户，现金流持续改善，让SpaceX成为全球极少数盈利的航天公司。
上市后星链的扩张速度并没有放慢，这块业务的收入占比超过60%。航天发射市场SpaceX占据绝对主导，一箭多星+可回收复用把成本打到同行无法企及的水平。
估值方面，目前总市值约1.95万亿美元，动态市盈率偏高，但考虑到成长性，市场愿意给溢价。
(Translate by AI)In terms of valuation, the total market capitalization is currently about $1.95 trillion, and the dynamic P/E ratio is high, but considering the growth, the market is willing to give a premium.
Many people only look at starships, but I think Starlink is SpaceX's base: more than 5 million subscribers worldwide, and cash flow continues to improve, making SpaceX one of the few profitable space companies in the world.
The expansion of StarChain has not slowed down after the IPO, and this business accounts for more than 60% of the revenue. The aerospace launch market is absolutely dominated by SpaceX, with one arrow and multiple stars + recyclable and reusable to bring the cost to a level unattainable by peers.
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2026-10-20 00:34
星链确实是基本盘，发射业务则是现金奶牛，双轮驱动。
2026-10-20 01:34
估值这块我想请教一下，动态PE大概多少倍？
2026-10-20 02:34
目前约55倍左右，对航天这种长周期行业不算离谱。
2026-10-20 03:34
55倍确实不贵，看看同期上市的几家航天股都更贵。