Waiting for the takeoff
With $SpaceX(SPCX.US) now at $166 (-10% today) and -25% from last week’s 225 peak, it’s hilarious listening to bullish analysts on CNBC and Bloomberg justify their aggressive price targets (WS consensus $235) posted last week. SPCX is uniquely positioned with great ambition but it’s still hard to justify analytically a valuation of 175x FY’2026 EV/Ebitda (and 62x EV/Rev) vs +35-40% exp long-term rev growth.
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