The market is currently discussing whether SpaceX is worth $1.77 trillion or not. But if we open this prospectus, what is truly worth paying attention to may not be SpaceX itself. But it's about what kind of future the capital market is paying for. According to the latest disclosed information, the IPO price of SpaceX is set at $135 per share, with a financing scale of $75 billion and a corresponding valuation of $1.77 trillion. What does this number mean? This means that it has surpassed Tesla and directly become the seventh largest publicly traded company in the United States by market value. The problem has arisen. Why can a company that incurred a loss of $6.4 billion last year and continued to grow in debt achieve a valuation of nearly $2 trillion? The answer may not lie in rockets. And in AI. Many people see SpaceX. But the core assumption that Goldman Sachs sees is xAI. According to roadshow materials, one of the important logics that Goldman Sachs supports SpaceX's trillion dollar valuation is a 100 fold increase in xAI revenue over the next five years. in other words The market has not priced SpaceX according to the logic of traditional aerospace companies. But it is pricing according to the story of "AI+aerospace super platform". That's also why SpaceX is becoming more and more like a complex capital complex. On one side is the world's largest commercial aerospace network. On one side is the global communication infrastructure built by Starlink. On the other side is xAI, which is crazily burning money for expansion. If these businesses are separated separately, the valuation may be difficult to support $1.77 trillion. But if they are put into the same narrative framework, the story is completely different. The capital market is not buying today's profits. But rather the technological monopoly capability that may form in the next decade. It's interesting. There is also a detail in the prospectus that has attracted attention from the cryptocurrency market. SpaceX has disclosed for the first time its holdings of Bitcoin assets. Although scale has not yet become a market focus, for traditional capital markets, this already means that more and more large technology companies are beginning to incorporate BTC into their asset allocation systems. Starting from MicroStrategy, to ETF approval, and now SpaceX publicly disclosing its holdings. Bitcoin is gradually transitioning from an alternative asset to a part of corporate balance sheets. Of course, the controversy has not disappeared either. As SpaceX launches its Nasdaq code SPCX roadshow, the market is beginning to pay attention to potential conflicts of interest arising from Trump and some government officials holding SpaceX shares. However, based on current feedback, these controversies have not affected institutional subscription enthusiasm. The real problem is: If xAI does not achieve a 100 fold growth in the next few years, can this valuation still hold true? After all, every trillion dollar technology company born in history is accompanied by a common feature - the market is willing to overdraw the future in advance. Some people call this the innovation premium. Some people call this foam. And the market will ultimately give the answer. So perhaps the most noteworthy aspect of SpaceX's IPO this time is not the issue price of $135. But for the first time, the capital market has clearly told everyone: In the era of AI, rockets can lose money. But the growth story must be big enough. Because now supporting a valuation of $1.77 trillion is not just how high SpaceX flies. But it's how far the market believes Musk's AI landscape can go.