SpaceX vs Anthropic: Which Stock Is More Justifiable at a $2 Trillion Valuation?

Anthropic has emerged as a leading artificial intelligence (AI) company. Its Claude chatbot has been shown to be excellent in terms of coding, and it's been a popular choice among business users.

Space Exploration Technologies Corp (NASDAQ:SPCX), more commonly referred to as just SpaceX, also has its own AI chatbot in Grok. AI, however, is just one of multiple areas that SpaceX is investing heavily in, alongside space and its Starlink internet business.

When Anthropic goes public, it's believed it'll fetch a valuation of close to $2 trillion, which is around what SpaceX is worth these days. Which stock would be a better option for growth investors?

SpaceX's business may be bigger, but that also makes it more complex

While SpaceX is broader than Anthropic, as its business encompasses more than just AI, that doesn't automatically make it the better growth investment. For one thing, SpaceX will require greater cash infusions to fund its operations. And the bad news is that they're all asset-heavy businesses to be in; SpaceX will need to invest heavily in AI infrastructure, data centers, rockets, and satellites, among other things, in order to grow all of its business units. There's also the potential that Elon Musk will merge SpaceX with his electric vehicle company, Tesla, in the near future.

Anthropic, with a much simpler business model centered around a highly popular chatbot, Claude, suddenly becomes a bit more intriguing to consider. While its growth prospects may not be as broad as SpaceX's, it's likely not going to need to spend as heavily, either. That can make for a leaner business, and one that's more likely to turn a profit in the near future.

Anthropic may soon be profitable, while SpaceX's losses could get deeper in the future

Anthropic hasn't released its full financials to the public yet, but it has reportedly told shareholders that it's on track to post a second consecutive quarter of positive adjusted operating income. The keyword, however, is 'adjusted,' signifying that the business isn't truly profitable just yet. But with it targeting business users, it may very well be in a stronger position to turn a profit than other AI companies, whose chatbots may not be similarly focused.

SpaceX, meanwhile, is not only spending heavily on capital expenditures, but its losses remain significant. Through the first six months of the year, the company has reported an operating loss of $2.1 billion, and its capital expenditures have totaled $28.5 billion -- the bulk of that being on AI ($23.6 billion). As SpaceX continues to scale its different business units, its losses may very well rise higher, and it could take a long time before it truly has a path to profitability.

Why I’d go with SpaceX

I don't think either one of these companies is worth a $1 trillion valuation, let alone $2 trillion. Even without seeing Anthropic's full financials, I expect its losses are likely significant given the heavy investments SpaceX has been making into AI just to try to be competitive.

But if I were picking between these two companies, then SpaceX would have to be the one that I would invest in. The company's CEO, Elon Musk, has done a tremendous job of growing businesses over the years, and there's loads of potential for him to reach new heights with SpaceX.

Although its valuation is incredibly high right now, it can be a compelling option for long-term investors willing to be patient and hang on. If SpaceX hits its lofty goals, its valuation could soar tremendously. Anthropic, which may face considerable competition, looks to be a riskier option given that its success hinges more on AI.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.