Wall Street has spent years debating how to value Tesla, Inc. (NASDAQ:TSLA). Space Exploration Technologies Corp (NASDAQ:SPCX) may prove even harder.

While investors focus on the company’s blockbuster IPO and trillion-dollar valuation, WisdomTree’s Christopher Gannatti believes the real story may be the lack of consensus around what SpaceX actually is.

“The most underappreciated implication isn’t about flows or index mechanics,” Gannatti, Global Head of Research at WisdomTree, told Benzinga in an email.

Instead, he argues that SpaceX is entering public markets with a business model that doesn’t fit neatly into any existing category.

Rocket Company Or AI Play?

“SpaceX is not simply a rocket company going public,” Gannatti said.

The company has increasingly positioned itself as more than a launch provider. Alongside its launch business, SpaceX operates Starlink, one of the world’s largest satellite broadband networks, while also advancing ...