Ranked: SpaceX vs. The Largest Public Space Companies

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The space industry has never seen a company this dominant.

Following its Nasdaq debut, SpaceX reached a market capitalization of $2.46 trillion. That makes it worth roughly 10.5 times more than the next 20 largest publicly traded pure-play space companies combined.

This graphic compares SpaceX against every public space company worth at least $1 billion, illustrating just how much the industry’s center of gravity has shifted toward a single firm.

The data comes from CompaniesMarketCap and reflects market capitalizations as of June 15, 2026. Diversified aerospace and defense companies such as Boeing and Lockheed Martin are excluded.

SpaceX Dwarfs the Entire Public Space Industry

The gap between SpaceX and the rest of the industry is difficult to overstate.

At $2.46 trillion, SpaceX is worth more than the next 20 largest public pure-play space companies combined by roughly $2.2 trillion. Put differently, investors value SpaceX at more than 10 times the rest of the listed space sector.

The data table below shows the largest public pure-play companies in the space industry with a market capitalization over $1 billion:

Outside of SpaceX, the industry’s scale drops dramatically. Rocket Lab is the second-largest pure-play space company at $68.6 billion, meaning SpaceX is worth nearly 36 Rocket Labs. AST SpaceMobile and EchoStar follow at roughly $34 billion each, highlighting how concentrated investor value has become in a single company.

The roster spans the full space economy: satellite communications, rocket launch, Earth observation, and lunar and in-orbit services.

It is also overwhelmingly American, with U.S. firms claiming most of the top 20 and the rest split among China, Japan, Canada, and Europe.

The Largest IPO in History and a New Trillionaire

SpaceX’s dominance reflects what no rival can match: a reusable rocket fleet that flies more orbital missions than any other operator, paired with Starlink, the largest satellite-internet constellation in operation. The result is a single company that towers over a sector otherwise filled with specialized, single-digit-billion-dollar players.

SpaceX’s debut wasn’t just big for the space sector: it was the largest IPO ever recorded. The company priced its shares at $135 on June 12, raising roughly $75 billion and eclipsing Saudi Aramco’s $25.6 billion record from 2019. That initial price valued SpaceX at about $1.77 trillion; three days later, the stock was trading near $178, lifting its market cap to $2.46 trillion.

The listing also crystallized a milestone of its own. By revaluing Elon Musk’s roughly 42% SpaceX stake on the open market, it pushed his net worth past $1 trillion and made him the world’s first trillionaire.

SpaceX’s Valuation Bakes In Big Expectations

SpaceX’s price tag assumes enormous future growth. At $2.46 trillion, the company trades at roughly 130 times its 2025 revenue of $18.7 billion, a year in which it posted a $4.9 billion net loss.

The engine behind that optimism is Starlink. The satellite-internet business generated 61% of SpaceX’s 2025 revenue and earned a $4.4 billion operating profit, even as the company overall ran a $2.6 billion operating loss.

For now, investors are betting that Starlink’s growth and SpaceX’s launch dominance will eventually justify a valuation larger than most of the world’s biggest companies.

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To learn more about SpaceX, check out this visualization on its growing number of rocket launches on Voronoi.

Ranked: Which States Use AI the Most?

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Despite leading the world in AI investment and development, AI adoption remains uneven across the United States.

This map ranks every state by the share of working-age residents using AI in Q1 2026, based on Microsoft estimates of people who engage with AI for at least 90 minutes per month.

Washington, D.C. leads the nation, while several Sun Belt and Mid-Atlantic states rank among America’s fastest adopters.

AI Adoption by State in 2026

The following table shows the share of adults ages 15 to 64 using AI in every state.

State averages only tell part of the story.

At the county level, adoption rates can be dramatically higher. Williamsburg, Virginia, home to William & Mary, recorded the highest AI adoption rate in America at 73.2%, highlighting the outsized role that university and research communities play in spreading new technologies.

The Geography of AI Adoption

One of the clearest patterns in the data is the gap between metro and rural America.

According to Microsoft’s estimates, 32.9% of metro-county residents use AI, compared with 16.2% in rural counties. As a result, adoption is roughly twice as high in urban areas.

The gap largely reflects where knowledge-work jobs are concentrated. Metro areas have higher shares of workers in technology, finance, consulting, education, government, and professional services, where AI tools are increasingly used for writing, coding, research, analysis, and administrative work.

Rural areas, by contrast, generally have fewer digital-intensive jobs. That does not mean AI has less potential there, but adoption may progress more slowly if workers have fewer opportunities to encounter the technology in their day-to-day work.

In practical terms, Americans in large metro areas are more likely to be exposed to AI at work, trained on AI tools, and pushed to adopt them by employers.

Why D.C., Maryland, and Utah Rank So High

Washington, D.C. ranks first, with 40.3% of working-age residents using AI.

The result reflects the region’s concentration of government, legal, consulting, policy, and research jobs. These are fields where AI can be used to summarize documents, draft communications, analyze information, and speed up knowledge work.

Maryland ranks second at 36.3%, aided by its proximity to Washington, D.C. and its large base of contractors, cybersecurity firms, and research institutions.

Utah ranks third at 35.7%, offering one of the clearest examples of strong AI adoption outside the traditional coastal tech hubs. The state’s younger workforce and growing tech sector have helped make it one of America’s fastest-adopting AI markets.

Texas, Virginia, New Jersey, Nevada, and California also rank near the top, showing that AI use is spreading across a mix of tech hubs, business centers, and fast-growing states.

Why This Matters

As AI becomes a standard workplace tool, adoption rates may increasingly influence which regions attract investment, talent, and high-paying jobs.

Areas where workers are already using AI at scale could gain productivity advantages and become early beneficiaries of AI-driven growth. Meanwhile, regions with lower adoption rates may face pressure to catch up as businesses integrate AI into everyday operations.

In that sense, today’s AI adoption map may offer an early glimpse into tomorrow’s economic geography.

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To learn more about this topic, check out this graphic on the jobs most exposed to AI.