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.