I agree with you... having said that, SpaceX value is crazy with a crazily small free float, so it's a manipulated stock to begin with. The valuation could also be adjusted if SpaceX crashed to a couple of dollars or even less than a dollar... but given that it is a manipulated stock, this likely won't happen in the near future. What more likely to happen is for the entire stock market to collapse... then SpaceX will show its true valuation...
@TimothyBarnes：$AST SpaceMobile, Inc.(ASTS)$ $SpaceX(SPCX)$ $Rocket Lab USA, Inc.(RKLB)$ Running the numbers on ASTS using SpaceX's Starlink as a benchmark. ASTS only needs $5.5B in sales at an 80% operating margin to generate a similar $4.5B profit. Starlink's revenue is $11.4B with a 39% operating margin, yielding $4.4B. Projected margins for ASTS are expected to be closer to 90%... if all goes well, we should see around $5B by 2029. Using Starlink's 61% share of SpaceX's total revenue and a current cap of $2.38T, Starlink's implied valuation is about $1.5T. That's a 40x multiple. My price target for ASTS in 2030 is now $3500. Appreciating the re-rating for space-based connectivity, thanks to SpaceX.
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