$SpaceX(SPCX.US) This page in the roadshow materials is the most stunning; no other company can replicate this vertically integrated supply chain.
Self-developed rockets (lowering launch costs) → Self-developed satellites (lowering manufacturing costs) → Self-built inter-satellite communication network (lowering data transmission costs) → Proprietary AI models (directly consuming computing power) → Owned end-user platform (X, 550 million MAU)
From silicon wafers to space, from space to the end-user, fully integrated across the entire chain. Valuation must consider a monopoly premium; the calculator is hard to figure out now.
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