Cursor is selling for 20x revenues to SpaceX, which is valued at 100x revenues. As long as something is valued at 100x revenues, pretty much any deal can make sense. A better way to think of this is revenues that come from profitably sending rockets into space to offer amazing satellite service are worth 5X revenues that come from reselling tokens at 0 GM. The absolute valuations might be wrong but the relative ratio feels fair.
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