Comment by runako
1 day ago
There are a set of mistakes in what you wrote, but
> SpaceX has more assets than liabilities.
is definitely a choice thing to write on the day SpaceX announced a $40B debt deal to purchase compute to run other companies' models. Based on available information, this will put SpaceX into a place where it has more liabilities than assets.
Lol
You're speculating what SpaceX balance sheet might be, like they haven't just released MRQ earnings report last week
Just go read it and you'll see you're wrong even after you subtract that 40 billion SPV https://www.sec.gov/Archives/edgar/data/1181412/000162828026...
Fair, I misread the filing.
Larger point stands. SpaceX is commanding a 62x sales multiple, whether or not you personally believe price:sales should be relevant. SpaceX's AI operation is smaller and growing slower than Anthropic's. It's reasonable to expect investors to benchmark Anthropic against SpaceX, it would be silly not to do so. A normal thing one would expect investors to do is assign a higher multiple to a company that grows faster.
But the question is not so much if they can IPO at those prices but rather if the valuations are sustainable over a couple of years. If they are priced to perfection there isn't much left for public investors besides huge risk that something might not work out 100% as expected.
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Larger point doesn't stand, price/sales is as useful of a metric like measuring speed as mass/distance. "Yes, my speed is 100kg/10 meters".
Some people will benchmark Anthropic vs. SpaceX, that doesn't make it a smart approach.
A normal thing is to consider risk, liabilities, cashflow, how diversified revenue streams are etc., and other things which you seem to be missing.
I'm not trying to dissuade you from buying it. I'm just saying that the reasons you give are wrong.
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