As speculation mounts around SpaceX's potential IPO, which could value the company at over $2 trillion, analysts are shifting their focus from its rocket manufacturing capabilities to its Starlink satellite broadband service. According to Yuri Khodjamirian, Chief Investment Officer of Tema ETFs, Starlink alone could justify much of this valuation, with projected revenues of $11.4 billion and $7.2 billion in EBITDA by 2025 from approximately 9 million subscribers. The subscriber base is expected to double by 2026, tapping into a vast market of 4 billion underserved consumers globally. Under optimistic scenarios, reaching 300 million subscribers could generate around $180 billion in annual revenue. Furthermore, SpaceX has revolutionized launch economics, reducing costs by nearly 90% over the past decade, which has opened doors for new industries. The recent success of the Tema Space Innovators ETF (NYSE:NASA), which surpassed $1 billion in assets shortly after launch, underscores the growing investor interest in SpaceX and the broader commercial space ecosystem. Khodjamirian emphasizes that SpaceX is not just a transportation company but could be foundational to humanity's expansion beyond Earth.