Analysts Compare SpaceX and Firefly Aerospace Valuations as Starship Development Drives Heavy Losses

Analyst comparisons highlight differing risk-reward profiles between SpaceX and Firefly Aerospace amid high capital outlays. SpaceX commands a $2.1 trillion market cap and trades at 70 times sales with a forward P/E of 205x, compared to Firefly's 13.2x price-to-sales multiple. For fiscal 2025, SpaceX generated $18.7 billion in revenue, up 33%, but incurred a nearly $4.9 billion net loss and negative $14.0 billion in free cash flow due to Starship development. Although analysts forecast SpaceX revenue will reach $39 billion in 2026, projected free cash flow deficits of $28 billion in 2026 and $67 billion in 2027 raise cash-burn concerns.