Episode
Aswath Damodaran on SpaceX, AI and the Limits of Big Market Stories
- Published
- Jun 18, 2026
- Duration seconds
- 4106
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Summary
Professor Aswath Damodaran joins The Intangible Economy to break down how to value SpaceX, AI companies, intangible assets, and the future of value investing. We discuss why big markets do not automatically create big value, how AI CapEx is changing the character of major technology companies, and why the best investment stories still have to connect to the numbers. Aswath Damodaran on X https://x.com/AswathDamodaran Musings on Markets https://aswathdamodaran.blogspot.com/ Revisiting the SpaceX Valuation: A Post-Prospectus Update https://aswathdamodaran.blogspot.com/2026/06/a-weeks-ago-i-assessed-value-of-spacex.html The Big Market Delusion: Valuation and Investment Implications https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501688 Valuing Cyclical and Commodity Companies https://people.stern.nyu.edu/adamodar/pdfiles/papers/commodity.pdf Value Investing: Requiem, Rebirth or Reincarnation? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3779481 Topics covered: Valuing SpaceX after its IPO and why price matters even for great companies How Starlink, space launch, and xAI fit into SpaceX’s valuation story Why total addressable market can mislead investors in AI and other disruptive industries The problem with AI unit economics, data centers, power, water, and reinvestment needs Why growth can destroy value when margins and returns on capital are weak How intangible assets, R&D, future growth, and narratives should show up in valuation The Big Market Delusion and how overconfidence drives boom and bust cycles Why AI CapEx is different from the dot-com boom and could create broader risks How AI is changing the character of the Magnificent Seven and semiconductor companies Why value investing became rigid, ritualistic, and righteous, and how it can evolve Times…