SPACEX has filed for IPO. The valuation being reported is insane and gives the bears a tremendous amount of ammo and brings "bubble" back into the conversation. I'll make the case and you decide. What's being reported is that SpaceX revenue for 2025 is between $15-$16 billion and they are targeting a $1.75 trillion valuation. If we assume that SpaceX has a 50% margin (which is unlikely) they are producing $7.5-$8 billion of EBITDA. Here is Meta Platforms $META statistics Market Cap: $1.465 trillion Revenue: $189.55 billion EBITDA: $101.9 billion Cash from Operations: $115.8 billion Free Cash Flow: $46.1 billion EBITDA Margin: 53.76% P/EBITDA: 14.38x META, one of the greatest cash-generating businesses ever built trades at a lower valuation than a company doing $16 billion in
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