[erulabs]

While I agree with the sentiment that SpaceX today is not worth anywhere near 1T+, it's worth understanding that:

a) SpaceX is currently trading at ~>1.5T in secondary markets

and

b) most of what the market is reacting to is the _chance_ that SpaceX goes on to become one of the largest companies in the world.

Remember the reaction when Facebook IPOed? It was hilariously overpriced (at the time, on paper, based on existing revenues) and yet here we are. A 1% chance of earning a trillion dollars is worth 10B - SpaceX can more accurately be thought of as a 10% chance of earning 10T rather than a nominal everyday business.

[mikeyouse]

Facebook's IPO was something like ~20x revenue and 100x earnings. If SpaceX IPOs at $1.5T, that's nearly 80x revenue and if you buy their 'adjusted' EBITDA figures, 230x earnings. Not quite an order of magnitude, but substantially 'worse' financially.

[s1artibartfast]

Most sober post ive read on this topic