I don't think anyone is arguing SpaceX is actually valuable, just overvalued and the repeated recipient of obvious corruption.

$500bn marketcap is still valuable

Its how it declines to that point at another 70% loss from $1.5 trillion that people are worried about

Yeah, I have put my money where my mouth is, but I think it is. Extraordinarily so, and I think the Musk hate has clouded people’s judgement.

For what it’s worth, I get it. I have found Musk insufferable for the last decade since he attached himself to the right and got into drugs, however I think SpaceX is undervalued right now.

1. They are literally the only company on earth with a reliable partially reusable launch system. There are a few people trying, but everyone else is way behind.

2. When they eventually (hopefully) get Starship right, we will see a price drop in the cost of transportation to orbit we have never seen. When I did the numbers a few years ago, the price for space mining to be comparable to terrestrial mining was around $20-60/kg to orbit. They’d effectively be the ONLY way to access that. That’s one of a gazillion things that becomes possible with cheap access to space. UPS becomes a competitor at those prices… it’s game changing.

3. They are basically dominating the satellite internet world. Nothing compares. Starlink is amazing, especially here in Alaska, I suspect they will eventually have a phone, which will be revolutionary.

4. A gazillion government contracts, Star shield, and arguably point to point QRF shuttle (after starship). The defense implications alone mean that they are going to be around indefinitely.

I don’t know, but I think people are sleeping on this.