Yahoo Finance says SpaceX may be priced below DCF-based value

Recent stock move and valuation focus

Yahoo Finance reports that Space Exploration Technologies has been under pressure recently, with the stock down 20.9% over the past month. The article says that decline has sharpened attention on whether the company’s expected cash flows can support the market price of the shares today.

AI and telecom spending plans

The report says recent optimism about SpaceX’s AI and telecom plans is being weighed against a more cautious view of what those businesses may require financially. It points to large AI compute contracts, including Anthropic’s long-term spending plans, along with heavy spending on data centers and network expansion. According to Yahoo Finance, these factors could affect both the timing and durability of future cash flows, as well as the amount of capital needed to pursue them.

DCF approach and current cash flow picture

Yahoo Finance says the key question is whether the current share price is properly supported by a discounted cash flow, or DCF, view of the business. In the article’s DCF framework, SpaceX is evaluated on what it may generate for shareholders over time based on projected free cash flows. The latest twelve-month figure cited is about $26.7 billion in free cash flow outflows, meaning the starting point is described as substantial investment rather than excess cash generation.

What the model implies

The report says the DCF path assumes SpaceX will move from significant free cash flow losses in the late 2020s to strongly rising positive free cash flow by 2030 and beyond. Yahoo Finance says this assumption places substantial weight on AI compute and telecom infrastructure succeeding at scale. It adds that Anthropic’s long-term compute deal and SpaceX’s own data center build-out help explain why the model points to an estimated intrinsic value that is well above the current share price of $135.92.

Other valuation view and open question

Yahoo Finance also notes that SpaceX’s 10.4x price-to-book ratio tells a different valuation story for readers who prefer book value. The article says its narrative-based tool does not rely on one multiple or one model line. Instead, it lays out different scenarios showing which assumptions about future growth, margins, and earnings would need to hold for the stock to be worth more or less than it is now. The report frames this as an open question for investors comparing those assumptions with future results.