You’d be paying for earnings several years out, for sure. But I think it’s hardly fair to compare to Nikola. Trevor Milton’s experience prior to starting Nikol

You’d be paying for earnings several years out, for sure. But I think it’s hardly fair to compare to Nikola. Trevor Milton’s experience prior to starting Nikola was selling home security systems. Lucid’s leadership team features various Tesla, Audi, Ford, VW, etc. veterans. (See page 9: https://www.lucidmotors.com/files/lucid-investor-deck-february-2021.pdf https://www.lucidmotors.com/files/lucid-investor-deck-februa...) Lucid has finished building a factory that can produce roughly 30k cars per year, expandable to 400k. They’ve given rides in their launch vehicle to various auto journalists (https://youtu.be/gqSN2QNgO5k https://youtu.be/gqSN2QNgO5k). Their battery pack technology is a component of the Formula E drivetrain system (https://lucidmotors.com/media-room/atieva-powers-season-6-formula-e-spec-battery-pack-its-own-design/ https://lucidmotors.com/media-room/atieva-powers-season-6-fo...). This isn’t a “Nikola rolling a non functional truck down a hill” situation. They have a working product. The car could suck, the company could be overvalued. But I think hard to compare Nikola to Lucid. EDIT: I should also add for comparison, that at the time that Tesla IPOed in 2010, it was a 1.7B market cap company. Only ~2450 Roadsters (their only car at the time) would be sold in total. By November 29, 2010 Tesla had not yet sold 1400 cars (https://www.tesla.com/blog/race-champions-2010-motorsport-goes-electric-roc-buildup https://www.tesla.com/blog/race-champions-2010-motorsport-go...). Tesla's Fremont factory was opened in October 2010. In other words, when the company went public on June 29th, 2010 you would have been buying into a car company without a factory. The first Model S wasn't delivered until June 2012 (https://www.tesla.com/blog/tesla-motors-begin-customer-deliveries-model-s-june-22nd https://www.tesla.com/blog/tesla-motors-begin-customer-deliv...). Not to say that Lucid will or won't ever reach Tesla's heights, but assigning a 12B valuation to the company isn't loony. The SPAC price though is a different story. EDIT 2: There are some fun short videos of Lucid CEO Peter Rawlinson in the workshop from his Tesla days (https://www.youtube.com/watch?v=TrbOLHW8Pec https://www.youtube.com/watch?v=TrbOLHW8Pec, https://www.youtube.com/watch?v=8YxHp2ot61Y https://www.youtube.com/watch?v=8YxHp2ot61Y, https://www.youtube.com/watch?v=NGKqPYvtqXE https://www.youtube.com/watch?v=NGKqPYvtqXE). It's pretty awe inspiring to see where Tesla and the global EV industry as a whole was in 2011 vs today.