Amazon brought in $716.9 billion in revenue in 2025. SpaceX brought in $18.7 billion. Yet the market values the two companies at roughly $4.5 trillion between them, and SpaceX, which went public in June at $135 a share, quickly rose to a $2 trillion valuation.
They sell very different things. Amazon dominates online retail; SpaceX is the world’s leading rocket maker. But a Yahoo Finance analysis argues the two look alike once you step back: founder-led, built on conviction, and run as conglomerates whose parts are meant to reinforce each other.
Where they overlap
Both sell satellite-beamed high-speed internet. Both are in cloud computing and AI infrastructure, with expensive data centers. And both are chasing chips. Amazon’s Trainium and Graviton processors passed an annual revenue run rate of $20 billion in the first quarter, nearly double the $10 billion of the quarter before. SpaceX has a chip-manufacturing effort called Terafab, aimed at producing one terawatt of compute hardware a year.
The gap in the numbers
Amazon earned $80 billion in operating income last year. SpaceX posted a $2.6 billion operating loss and a $4.9 billion net loss.
Investors pay for what comes next, and the multiples show it. Amazon trades at about 3.6 times last year’s sales and 28 times forward earnings. SpaceX trades at about 97 times sales.
“You’re basically buying [SpaceX] at an Amazon valuation when it has one-twentieth the revenue of Amazon,” said Jim Lebenthal, chief markets strategist at Cerity Partners. “SpaceX is an incredibly cool company, it’s amazing, everything they’re doing. I also think it’s wildly overvalued right now.”
Amazon has been here before. It went public in 1997 at $18 a share and a $438 million valuation, then lost 90% of its stock value when the dot-com bubble burst. It is now a $2.6 trillion company.
