SpaceX is going to start looking crazy cheap if you believe what management is saying. $SPCX today is still ~$1.9T market cap / ~$1.8T enterprise value. On the last twelve months of sales (~$23B), that’s roughly ~80x for EV/Sales. On today’s numbers… it is expensive, ofc. But these multiples will start compressive drastically if what Elon said on the earnings call becomes true. 1/ $100B ARR by December 2026 “It’s not a question mark… that’s what we would achieve if we basically did nothing.” - Elon Musk Hold today’s EV fixed and put $100B in the denominator: The multiple of ~80x becomes → ~18x EV/ARR 2/ $1T revenue by 2030 This was the surprise imo. The long-term internal target was moved up… it was 2031 before and Elon even mentioned that there’s a non-zero chance of getting there in 2029. The multiple of ~80x becomes → ~1.8x EV/Sales Either Elon and the SpaceX management is wrong about $100B ARR + $1T revenue, or the market is still pricing SpaceX like the denominator will never shows up. If you believe this will become true, which I do, this company is dirt cheap today.