#SpaceX wants a $1.77T valuation on $18.7B revenue. That’s a 94.7x revenue multiple. For comparison: - Amazon IPO: 3.2x - Nvidia: 3.8x - Microsoft: 3.9x - Tesla: 13.3x - Apple: 15x - Palantir: 20x - Facebook: 27x To justify $1.77T at a 20x multiple, SpaceX would need ~$88B in annual revenue. Today, it does ~$18.7B. SpaceX is an incredible company. But a $1.77T valuation is pricing in years of future growth that hasn't happened yet. And someone always pays for the gap between expectations and reality.
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