Claimec232ad6044045c6c21fa0c85bd743cbf49a296b86e87ab74a518b79df86642e·My Arguments

At a target valuation of $1.75 trillion on $18.7 billion in 2025 revenue, SpaceX would trade at roughly 92x sales — a multiple that requires sustained hypergrowth across all segments to justify, yet 69% of Q1 2026 revenue and all operating profit comes from a single segment (Starlink).

Evidence (1)

6 Charts on SpaceX's Pre-IPO Financials — Morningstar
Morningstar notes Starlink is the only profitable segment, effectively subsidizing xAI's losses, while the expected valuation is $1.675T+ pre-money.
https://www.morningstar.com/stocks/6-charts-spacexs-s-1-financials

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