[Saline9515]

No you are missing the point. Walmart doesn't have the tech premium because Walmart has low margins, whereas Apple and Google have high ones. This is why unit economics matters.

Growth is important, but only if you can keep a high margin on the products you sell : it's not the case with Starlink (the main profitable activity), ARPU is down 23% yoy, at 66$ in 2026. Compare it to 99$ in 2023.

Last point, growth in market caps have diminishing returns, and it's obvious that it's easier to do a x100 if you start from 1b than 1750b. SpaceX runs the classic strategy of "high MC, low float" that has ruined many altcoins in crypto for the benefit of insiders who will want to sell to realize their gains.

[wrsh07]

It's not a very good point. Yes, obviously margins matter. In tech and startups, growth tends to matter more (often because these are high margin businesses, but also because growth compounds)

Like, yes, Google has 55% margins to Walmart's 24% (and the operating margin gap is similar), but Google is also growing 17% to Walmart's 5%.

Google will _gladly_ take a hit to their margins as they emphasize Cloud revenue because that unlocks growth

SpaceX is leaving enough float, it doesn't matter, indexes are float adjusted anyways, I hate that I have to defend them against bad takes