Former Sequoia Capital global head Roelof Botha said SpaceX is more likely than OpenAI to become the world’s most valuable company, according to a report on Tuesday.

Botha said SpaceX holds a dominant position in satellite launches, giving it a defensible lead in a rapidly expanding market. OpenAI, despite its soaring valuation, faces intensifying competition in large-language-model technology and lingering questions about its revenue outlook, he said.