Jenson

<p>With <span type="security-tag" counter_id="ST/US/SPCX" name="SpaceX">$SpaceX(SPCX.US)</span> now at $166 (-10% today) and -25% from last week’s 225 peak, it’s hilarious listening to bullish analysts on CNBC and Bloomberg justify their aggressive price targets (WS consensus $235) posted last week.  SPCX is uniquely positioned with great ambition but it’s still hard to justify analytically a valuation of 175x FY’2026 EV/Ebitda (and 62x EV/Rev) vs +35-40% exp long-term rev growth.</p>