Comment by rogerrogerr
2 days ago
This isn’t the gotcha you want it to be - SpaceX isn’t valuable because it has the contracts, it’s valuable because it’s the only US player that _can_ service the contracts.
That demand isn’t going away just because the Feds dislike Musk for a while. All the same stuff has to go in all the same orbits, and ultimately SX is the only company that can do it at a reasonable cost.
It’s not a gotcha. The Defense Production Act requires paying market value. Market value is subjective. The US government isn’t going to use share sale to determine market value if they attempt to nationalize. They don’t even adhere to the law and separation of powers today. Why would they provide a favorable valuation?
They can set the value at something they feel will barely stand up under judicial review.