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SpaceX IPO: 94x revenue, $4.9B net loss, $1.77T valuation and Musk sold zero shares. Here's the actual thesis.
Investor summaryNeutral
Discusses SpaceX's massive valuation and losses, arguing that Musk's refusal to sell shares forms the core investment thesis.
Bull points
- Musk has not sold any of his shares, indicating extreme confidence in the company's long-term prospects.
- The author posits that this insider conviction is the 'actual thesis' justifying the IPO.
Bear points
- Extremely high valuation at 94x revenue, which is unjustifiable by traditional value investing standards.
- The company is still reporting a massive net loss of $4.9B.
SPCX价值 / 回购
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