After SpaceX’s historic debut, some Wall Street watchers argue the satellite-and-rocket giant could outgrow Nvidia’s market value

SpaceX’s IPO drew attention as the biggest listing of its kind in history, but at least some Wall Street strategists are arguing that the company’s shares could ultimately be worth more than NVIDIA, the semiconductor leader most closely associated with the current wave of artificial intelligence spending.

In an investor commentary published by Yahoo Finance, the author points to “certain Wall Street experts” who expect meaningful upside for SpaceX shareholders. The comparison to Nvidia is presented as an argument about relative growth expectations, not as a claim that the two businesses operate in the same market or face identical risks.

The core message of the commentary is that investors may be underestimating what SpaceX could become over time, even if Nvidia has already emerged as a dominant supplier of AI accelerators and related computing infrastructure. The framing suggests that, while Nvidia’s valuation has been supported by demand for AI hardware, SpaceX’s equity could still have room to re-rate if execution meets bullish assumptions.

Nvidia, by contrast, is the publicly traded company that anchors the comparison. Its stock trades under the ticker NVDA. The commentary does not suggest Nvidia is in trouble, but it implies that the market’s expectations for SpaceX may be too conservative, especially relative to how investors have valued AI-linked companies in the past year.

To understand why the comparison is getting airtime, it helps to separate the businesses. Nvidia sells chips and software ecosystems that businesses use to build and run AI workloads. SpaceX sells access to space launch services and related capabilities, and its long-term valuation is likely tied to a mix of growth drivers, including the reliability and cadence of launches and the expansion of services derived from its space infrastructure.

The commentary does not provide specific financial targets, valuation models, or detailed methodology for why SpaceX should surpass Nvidia, at least in the publicly available portion referenced here. It also does not spell out what would have to happen for the bullish case to play out, such as particular revenue milestones or capital spending plans. As a result, the argument is best read as a viewpoint on potential upside rather than a documented forecast with clearly stated assumptions.