There’s simply no version of financial reality that values this company at over 1T. Even 780B is extremely generous based on the current financial picture and a very optimistic view of the future.
The AI IPOs are broadly in the same ballpark, and if they IPO at less than the last private valuation (a real possibility absent a perfect setup) that triggers a whole bunch of other messes.
The window to get all these things closed before it all comes crashing down is closing, hence the sudden rush to IPO.
> There’s simply no version of financial reality that values this company at over 1T.
Aswath Damodaran recently (pre S-1) valued SpaceX at $1.2T [1] - yeah I was shocked as well. Unfortunately, I haven't had time to dig into his numbers. But yeah, there's your _financial reality_.
If you're into finance or you're entering into it you should definitely know him. Google him. Watch his lectures. You can learn a lot from him even if you disagree.
Indeed and it’s almost sad. The core of SpaceX is an amazing engineering company with real assets and a serious moat. Thats realistically maybe worth 250-400B-ish as a serious hardcore company.
Then there’s all this other hype and nonsense tacked on to make a franken-company that’s just making a circus of the core story.
> Indeed and it’s almost sad. The core of SpaceX is an amazing engineering company with real assets and a serious moat.
Completely. As if "We dominate the space launch and satellite internet markets" isn't enough, they're trying to tack on all this hypothetical stuff to inflate the valuation. Maybe some of it will come true in 50-100 years, but I'd bet a lot of it won't (c.f. https://en.wikipedia.org/wiki/List_of_predictions_for_autono...) because telling the future is hard.
It'll be a real shame if the core, cool engineering that's happening at spaceX gets compromised by all the shenanigans going on elsewhere.
The AI IPOs are broadly in the same ballpark, and if they IPO at less than the last private valuation (a real possibility absent a perfect setup) that triggers a whole bunch of other messes.
The window to get all these things closed before it all comes crashing down is closing, hence the sudden rush to IPO.