Everyone is cheering the 19% pop like it proves something. It doesn't. Let's actually look.
SpaceX closed today near a $2.1 TRILLION market cap. Their 2025 revenue? $18.7 billion. That's a price to sales ratio of about 112x. Not earnings, SALES. And they didn't even have earnings, they posted a $4.9 billion net loss for the year.
For context, Apple trades around 9x sales. Nvidia at the absolute peak of AI mania was around 30x. SpaceX just IPO'd at nearly 4x that, while losing money.
And it gets better. The ONLY part of this company that actually prints cash is Starlink, which did $11.4 billion of that revenue. So you're paying a $2 trillion valuation for what is basically a satellite ISP wearing a rocket costume, with an xAI cash furnace bolted on that they conveniently merged in two months before the roadshow.
Then there's the $28.5 trillion "total addressable market" in the S-1. Twenty eight TRILLION. That is a number you write down when you need the valuation to make sense and the actual income statement won't cooperate.
Either I'm missing something huge or a whole lot of people just bought a story at 112x sales and called it investing. Tell me where the math closes, because right now it doesn't.
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Exactly how does 112x multiple sound even remotely reasonable even if u account for future cash flows? How long will it take for it to make sense? what if Elon musk passes away in near future, how low will this tank?