Amazon sold $716.9 billion worth of goods and services in 2025 and booked $80 billion in operating income. SpaceX took in $18.7 billion and lost $2.6 billion on operations. Yet the two companies are now valued in roughly the same range, and a Yahoo Finance analysis argues that their businesses are heading into each other’s territory.
Amazon has a market value of $2.6 trillion. SpaceX, which Elon Musk founded, went public in June at $135 a share, and its valuation quickly climbed to $2 trillion. It lost $4.9 billion last year.
Jeff Bezos took Amazon public in 1997 at $18 a share, which valued the online bookseller at $438 million. The stock then fell 90% after the dot-com bubble burst, before growing into the conglomerate that earned $77.7 billion last year.
Where they overlap
On the surface they have little in common. Amazon runs the biggest online store, and SpaceX builds more rockets than anyone. Look closer, the analysis says, and each is a conglomerate that believes its separate pieces make a stronger whole.
Both sell satellite internet. Both run cloud computing and AI infrastructure out of expensive data centers. Both are also getting into chips. Amazon’s Trainium and Graviton processors reached an annual revenue run rate above $20 billion in the first quarter, up from $10 billion in the quarter before. SpaceX has a chip-manufacturing effort called Terafab, which aims to produce one terawatt of compute hardware each year.
What investors are paying for
Amazon trades at about 3.6 times last year’s sales and roughly 28 times forward earnings. SpaceX trades at about 97 times sales.
Jim Lebenthal, a veteran investor and chief markets strategist at Cerity Partners, said buyers are “basically buying [SpaceX] at an Amazon valuation when it has one-twentieth the revenue of Amazon.” He had praise for the company too. “SpaceX is an incredibly cool company, it’s amazing, everything they’re doing,” he said. “I also think it’s wildly overvalued right now.”
