The author reflects on valuing SpaceX, comparing it to Hal's perceived fallibility in 2001: A Space Odyssey. SpaceX, founded in 2002 by Elon Musk, aims to disrupt space travel and reduce costs with rockets, satellites, and AI. Musk's influence and the potential for a massive IPO are key factors in SpaceX's appeal. The company's history shows early struggles but success with the Falcon 1 rocket, leading to significant NASA contracts. SpaceX developed reusable rockets and expanded into satellite internet with Starlink and acquired an AI company. Financials reveal substantial revenue growth driven by Starlink, reaching an estimated $15.6 billion in 2025. Musk holds significant ownership, having used PayPal proceeds and venture capital to fund SpaceX. The author acknowledges valuing SpaceX is difficult given limited historical data and competition, proposing a narrative based approach. The analysis will consider SpaceX's launch services, Starlink, and AI venture xAI separately, as each faces different market dynamics. The space launch market offers a promising growth opportunity, projected to reach $100 Billion by 2036. Satellite internet services are expected to grow significantly, with Starlink having a strong market position. The LLM business, through xAI's Grok, is more uncertain in its market potential currently.