Let’s recap what’s unfolded over the past few weeks as America’s space industry prepares to gain momentum:

As we declared at the time:

We’ve highlighted comments from Elon Musk, Jensen Huang, Jeff Bezos, and Sam Altman about space-based data centers, and analyzed a white paper from Nvidia-backed startup Starcloud that makes a compelling case for low Earth orbit data centers operating as a constellation to address Earth’s looming power crunch and land constraints.

Tesla-bull Adam Jonas from Morgan Stanley added more color about the SpaceX IPO and orbital data centers in a recent note to clients.

Jonas noted that an $800 billion valuation, if accurate, would make OpenAI the highest-valued private unicorn, according to PitchBook data.

Compared with companies in the S&P 500, SpaceX ranks 13th by valuation, in between JPMorgan Chase and Oracle, Jonas said.

He added that it would be valued at more than the combined market capitalizations of the publicly traded military-industrial complex, including contractors such as RTX (Raytheon), Boeing, Lockheed Martin, General Dynamics, Northrop Grumman, and L3Harris.

On the topic of AI data centers in space, Jonas wrote:

Making spaceflight affordable has been SpaceX’s focus with its reusable rockets, and once Starship becomes commercialized, costs should drop even further. This is great news, not just for SpaceX but also for tech startups building container-sized data centers for space.

Let’s remind readers that SpaceX is effectively America’s rocket program – and it leads the world by light-years.

We must add, Musk is uniquely positioned, with SpaceX and xAI…

SpaceX also leads in terms of spacecraft upmass…

Jonas touched on SpaceX’s valuation:

Who owns SpaceX?

So data centers in low-Earth orbit first, then land on the Moon (again?), then explore Mars with Starship? It appears SpaceX’s Starlink will provide communications for the booming space industry.