Buy SPACEX by Jun 6, 2029.

There has been considerable discussion about the valuation of several upcoming IPOs, including the most imminent, Space Exploration Technologies (SpaceX). At a $1.75 trillion valuation, it would command an unprecedented 100-times price-to-sales ratio despite being unprofitable and a relatively modest 15% y/y growth rate for a company that is being priced for hypergrowth. How does one justify such a rich valuation? Well, one simply cannot from the fundamentals or any reasonable expectations of future earnings or cash flows. But a …