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SpaceX\u2018s blockbuster public debut has sparked a familiar debate on Wall Street: Is the valuation already too high? Joe Lonsdale, co-founder of Palantir Technologies Inc. and managing partner at venture firm 8VC, thinks investors may be asking the wrong question.<\/p>\n
Appearing on CNBC\u2019s Squawk Box ahead of the company\u2019s Nasdaq debut, Lonsdale argued that concerns about SpaceX\u2019s valuation overlook the scale of the opportunity he sees ahead.<\/p>\n
\u201cI still think we\u2019re very early in what this company is going to be worth,\u201d Lonsdale said. \u201cWhether or not it\u2019s expensive now, it\u2019s going to look really cheap in 5 or 10 years.\u201d<\/p>\n
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Lonsdale\u2019s thesis goes well beyond rockets and satellite launches. He described SpaceX as \u201ca critical company in the middle of the biggest industrial revolution we\u2019ve ever had\u201d and argued that investors should increasingly view the company through the lens of artificial intelligence infrastructure.<\/p>\n
\u201cI think SpaceX is set up to be key AI infrastructure,\u201d he said. According to Lonsdale, trillions of dollars are being directed toward AI-related infrastructure over the coming years.<\/p>\n
\u201cThere are literally like $5 trillion over the next five years\u201d being invested in AI infrastructure, he said. That spending wave, in his view, plays directly into Elon Musk\u2018s strengths. \u201cHe\u2019s the kind of guy who\u2019s the best at hardware in the world at a time when trillions of dollars are going into this area,\u201d Lonsdale said.<\/p>\n
Trending: Avoid the #1 Investing Mistake: How Your \u2018Safe’ Holdings Could Be Costing You Big Time<\/a><\/p>\n Why He\u2019s Not Betting Against Musk <\/p>\n The comments came in response to skepticism from some investors who question whether SpaceX can justify its valuation and whether Musk\u2019s AI ambitions can compete with rivals such as OpenAI and Anthropic.<\/p>\n Lonsdale made it clear where he stands. \u201cIt\u2019s crazy to think he\u2019s not going to win,\u201d he said, referring to Musk\u2019s positioning within the broader AI ecosystem.<\/p>\n He also pointed to Musk\u2019s track record of setting ambitious targets and delivering on them. \u201cHe\u2019s the kind of guy who doesn\u2019t miss his goals,\u201d Lonsdale said.<\/p>\n A Long-Term View <\/p>\n Lonsdale stopped short of predicting what SpaceX shares will do in their first days or weeks of trading.<\/p>\n \u201cI\u2019m not a short-term trader. I can\u2019t tell you what happens in the near term,\u201d he said.<\/p>\n See Also: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.<\/a><\/p>\n But his broader message was unmistakable: investors focused on near-term valuation metrics may be missing what he sees as a generational infrastructure story.<\/p>\n As Wall Street debates whether SpaceX is overpriced today, Lonsdale is focused on a different question entirely \u2014 what the company could look like after years of AI-driven investment, expanding space infrastructure and continued execution from Musk.<\/p>\n For investors willing to think in decades instead of quarters, he believes today\u2019s valuation debate may eventually look trivial.<\/p>\n Photo courtesy: Shutterstock<\/p>\n Read Next: Think you’re saving enough for your kids? 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