SpaceX trades at about 97 times sales. Amazon trades at roughly 3.6 times. That gap sits at the center of a comparison now being drawn between two companies Yahoo Finance values at $4.5 trillion together.
On paper they have little in common. Amazon built its name on online retail, and SpaceX is the world’s leading rocket maker. Look closer and the outlines match. Both are conglomerates, both sell satellite-beamed high-speed internet, and both run cloud computing and AI infrastructure out of expensive data centers.
Chips and cloud
The overlap extends to silicon. Amazon’s Trainium and Graviton processors passed an annual revenue run rate of $20 billion in the first quarter, nearly double the $10 billion run rate of the quarter before. SpaceX has a chip-manufacturing project called Terafab, with a goal of producing one terawatt of compute hardware each year.
The size of the gap
The differences are about money. Amazon booked $716.9 billion in revenue in 2025 and $80 billion in operating income. SpaceX reported $18.7 billion in revenue and a $2.6 billion operating loss. Its net loss last year was $4.9 billion.
The market sees it differently. SpaceX went public in June at $135 a share, and its valuation quickly climbed to $2 trillion. Amazon, which Jeff Bezos took public in 1997 at $18 a share and a $438 million valuation, is now a $2.6 trillion company. Its stock fell 90% after the dot-com bubble burst before it recovered.
Amazon trades at about 28 times forward earnings.
Jim Lebenthal, a veteran investor and chief markets strategist at Cerity Partners, was direct about the price. “You’re basically buying [SpaceX] at an Amazon valuation when it has one-twentieth the revenue of Amazon,” he said. “SpaceX is an incredibly cool company, it’s amazing, everything they’re doing. I also think it’s wildly overvalued right now.”
