SpaceX: The Most Misunderstood IPO In Decades

SpaceX's IPO debuted at a $1.8 trillion valuation, now nearing $2 trillion, but 2025 revenue of $18.7 billion and $15 billion in adjusted EBITDA do not justify the price. The investment case relies on uncertain optionalities like the lunar economy and orbital AI compute. The analyst remains on the sidelines citing zero margin of safety.