Been about three weeks since I wrote about the S-1 and no real changes on my views around SpaceX itself.
But the market context since then has changed... the market hit momentum and AI-linked stocks, lots of equity supply/coming IPO announcements, etc.
Jonathan Todd
$SPCX would need to trade at more than 81x sales to achieve targeted $1.75T valuation. For reference, $PLTR currently trades at 67x sales.
Oh also, $PLTR also grew revenue 85% y/y in Q1 (at a 53% net margin) vs SpaceX’s 15% growth y/y in Q1 (at very much a loss)
Jonathan Todd
I, um, have some thoughts on the SpaceX S-1
yontodd.substack.com/p/close-your...
Inside the financial "deluge" of the SpaceX S-1, where $37B in losses and a dual-class structure overshadow a genuinely valuable space business.
