The company entered the year preparing for a listing, with Coinpaper previously covering how SpaceX targeted a $1.75 trillion valuation for its IPO.
Wood's argument is that such a valuation could eventually look cheap if Starship becomes the backbone of a dramatically larger Starlink network.
Where Does the $1 Billion Number Come From?
Wood's calculation is largely built around Starlink. A future Starship could deploy far more next-generation satellites in a single mission, dramatically increasing the network's available capacity.
That makes Starship important not only as a rocket, but as infrastructure for a much larger connectivity business. SpaceX has already demonstrated how closely its valuation is tied to expansion of the satellite network, with Starlink launches supporting the company's $1.75 trillion valuation story.
If future launches can each unlock enormous amounts of revenue-generating capacity, Wood believes the economics of Starship could eventually dwarf today's launch business.
Could $1.75 Trillion Eventually Look Cheap?
That's the most provocative part of Wood's argument.
SpaceX's valuation already assumes enormous future growth. But Wood believes 10,000 annual Starship flights at potentially $1 billion of revenue opportunity per launch could theoretically create a $10 trillion annual revenue machine.
The company has also been expanding beyond rockets and satellite broadband. We previously reported that SpaceX's AI revenue could rise dramatically by 2030, adding another potential growth engine alongside Starlink and Starship.
The scale remains extremely ambitious. 10,000 launches per year equals more than 27 Starship flights every day, requiring a level of reusability and operational cadence never achieved in orbital spaceflight.
That's why the $10 trillion figure shouldn't be treated as a conventional revenue forecast.
It's the extreme upside case behind Wood's argument: if Musk can turn Starship into something closer to an aircraft-like transportation system, today's enormous SpaceX valuation could eventually look very different.
