While I agree with the sentiment that SpaceX today is not worth anywhere near 1T+, it's worth understanding that: a) SpaceX is currently trading at ~>1.5T in s

While I agree with the sentiment that SpaceX today is not worth anywhere near 1T+, it's worth understanding that: a) SpaceX is currently trading at ~>1.5T in secondary markets and b) most of what the market is reacting to is the _chance_ that SpaceX goes on to become one of the largest companies in the world. Remember the reaction when Facebook IPOed? It was hilariously overpriced (at the time, on paper, based on existing revenues) and yet here we are. A 1% chance of earning a trillion dollars is worth 10B - SpaceX can more accurately be thought of as a 10% chance of earning 10T rather than a nominal everyday business.