Investors could reassess Tesla’s premium valuation as SpaceX prepares for a potential IPO, offering a direct comparison to another Elon Musk-led firm.
Tesla’s valuation has long reflected investor bets on its AI, robotics, and automation ambitions beyond electric vehicles. The company delivered 1.6 million vehicles in 2025 but trades at a price-to-sales ratio of 15.6, far exceeding traditional automakers like General Motors at 0.4.
Investors have historically viewed Tesla as a technology platform with multiple growth avenues, including autonomous driving and energy infrastructure. A SpaceX IPO would introduce a new benchmark, potentially altering how markets value Tesla’s long-term potential.
The comparison could pressure Tesla’s premium valuation if SpaceX’s public debut highlights divergent growth trajectories or competitive dynamics within Musk’s portfolio.