SpaceX valued as national infrastructure play, blending rocket, satellite, defense, and AI businesses

CNBC's Deirdre Bosa examines SpaceX's potential public market entry and the valuation framework that could place it among Earth's most valuable companies. Bosa argues SpaceX defies traditional sector classification — operating simultaneously as a rocket manufacturer, satellite internet provider, defense contractor, and AI infrastructure company. The analysis frames a new "strategic tech premium" valuation model, suggesting companies like SpaceX are valued not solely on growth metrics but on national importance, government dependency, and private infrastructure role. The catch, per Bosa, is that the same indispensability that drives premium valuation also creates regulatory and market volatility.