TLDR: SpaceX claims a $22.7 trillion opportunity in enterprise applications, but the post-IPO analyst models overwhelmingly underwrite compute rental rather than software, customers or switching costs. Cursor, Sand, and Grok now give SpaceX a credible mechanism to pursue that market: the coding-to-orchestration playbook that Anthropic used to enter the enterprise. But SpaceX is beginning after Claude, OpenAI, and Microsoft have already occupied the field, with no shipped general-purpose agent or demonstrated external adoption. The enterprise thesis has therefore moved from unsupported to plausible, but remains a time-sensitive option. SpaceX’s valuation ($1.8T as of July 14th) prices that option as though the playbook had already been executed.