Val. Trends #938: A Royal Succession

研报英文原文证据摘录

Val. Trends #938: A Royal Succession

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Valuation Trends

Industry Overview

More than just a commercial jet 13 July 2026

The Boeing 747 entered service in 1970 and became one of the most recognizable Equity

aircraft in aviation history. Nicknamed the “Queen of the Skies,” it stood apart for its Americas

size, distinctive design, and for helping revolutionize commercial air travel. The 747 Aerospace/Defense

enabled a step-change in capacity on intercontinental routes, helping make mass Ronald J. Epstein

international air travel economically viable. Research Analyst

BofAS

The old Queen fades away +1r.epstein@bofa.com646 855 5695

Changing economics gradually eroded the 747's dominance. Airlines shifted toward Mariana Perez Mora

smaller, more fuel-efficient twin-engine jets like the Boeing 777 and 787, which could ResearchBofAS Analyst

fly long routes profitably with fewer passengers. Passenger 747 retirements accelerated +1 646 855 5696

mariana.perezmora@bofa.com

sharply after the COVID-19 pandemic. Boeing delivered its last 747, a freighter, in

Alexander Preston

February 2023, closing out a 54-year production run of over 1,500 aircraft. When airlines Research Analyst

began retiring their 747 fleets, the reaction was striking. Farewell flights sold out BofAS

+1 646 855 3599

instantly. Passengers paid premium prices simply to be on the last revenue service. alexander.preston@bofa.com

Parallels with Starship’s development

SpaceX’s Starship can be viewed through a similar lens. It is the heaviest, tallest, and

most powerful launch vehicle ever to fly to space, and its payload bay is large enough to

potentially alter the paradigm of space launch, carrying huge payloads such as entire

space station modules or massive batches of next-generation satellites.