I always love to see the faces and hear the voices of short sellers. Just fascinating. Here one betting against SPCX: Peter Andersen from Andersen Capital Management (dba Integrated Advisors Network), who is short SpaceX with long-dated puts. His arguments - Valuation is extremely elevated. - The business has three main segments that are hard to analyze together; he views Starlink as the only meaningfully profitable / positive-cash-flow piece with a demonstrated subscriber base. - A potential Tesla–SpaceX merger would make the situation “even more confusing” and is not a solution—it would add another industry and geometrically increase complexity and risk. He has even floated (as an extreme but considered scenario) a future spin-off of Starlink.