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JPMorgan Chase & Co. JPM CEO Jamie Dimon on Monday called Starlink an "extraordinary product" and said SpaceX’s SPCX plan to build artificial-intelligence data centers in orbit could work, offering a prominent Wall Street endorsement as the newly public company’s shares hover near their IPO price.
Dimon Sees Orbital Computing’s Economic Potential
Speaking on "The Master Investor Podcast with Wilfred Frost,” Dimon called SpaceX "an extraordinary company" after visiting its operations. JPMorgan helped market SpaceX’s record $75 billion IPO, which priced at $135 per share in June.
"I went to visit it, and Starlink is an extraordinary product," Dimon said. "I’ve seen numbers on the data centers in space that could actually work."
Dimon said orbital computing could tap cheap solar power, reduce cooling expenses and avoid some constraints facing ground-based facilities. He acknowledged difficulties in returning data to Earth, but said laser links could redirect transmissions between satellites when clouds block a receiving site.
Technical And Commercial Risks Remain Unresolved
SpaceX operates more than 10,000 Starlink satellites, the world’s largest low-Earth-orbit communications network. Elon Musk plans to test orbital AI computing by the end of 2027 using technology derived largely from Starlink V3 spacecraft. Musk has called solar-powered orbital data centers a "no-brainer," and recently said SpaceX could fly the first systems next year.
The concept remains unproven. SpaceX warned in its IPO filing that orbital data centers may never become commercially viable. Amazon Web Services CEO Matt Garman called the idea "pretty far" from reality, citing launch capacity and payload costs.
Investors Debate Valuation As Shares Retreat
Investors remain divided. Deepwater Management Managing Partner Gene Munster has argued that SpaceX’s rockets, satellites and AI stack create a "sovereign AI" advantage that competitors cannot easily match. The Future Fund LLC’s Gary Black has focused on valuation, saying investors should not pay roughly 150 times projected 2026 EBITDA.
SpaceX shares recently slipped below their IPO price after reaching a high of $225.64 on June 16, while short sellers accumulated an estimated $8.7 billion in paper gains, Reuters reported last week.
Dimon’s praise follows a major thaw in his relationship with Musk. He called Musk "our Einstein" in 2025 and later "the Edison of our time." Musk recently replied to a viral post reviving the comparison with, "Thanks, Jamie!"
According to Benzinga Edge Rankings, SpaceX stock fails to provide a favorable price trend in the Short, Medium and Long term.
Price Action: SpaceX shares were up 1.7% at $121.90 in pre-market trading on Tuesday.
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This article Jamie Dimon Says He Has Seen the Numbers and SpaceX’s Orbital Data Centers ‘Could Actually Work’ Despite Technical, Valuation Risks originally appeared on Benzinga.com.
