My faith wasn't strong enough. I bought in at 150 and sold at 170 when it dropped, because I also read the prospectus. The Mars theme isn't the focus anymore. I'd like to ask the three shareholders:

@SpaceM

You've held Tesla for nearly 9 years, experiencing the complete valuation reshaping of Tesla's shift from an automaker to an AI-focused company. Now the market generally sees SpaceX as Musk's second growth curve. From a long-term holder's perspective, compared to betting on Tesla FSD back then, what are the biggest certainty risks and expectation gaps for investing in SpaceX now? Should ordinary investors approach SpaceX with the same mindset they used for Tesla back then, or do they need a completely different valuation logic?

@Miracle Trader cola

You're used to deconstructing assets using historical cycles and underlying capital logic, calling Musk a classical capitalist. SpaceX, on one hand, generates continuous operating cash flow from Starlink, while on the other hand, Starship and Mars projects keep burning huge amounts of money. How should this business model of "perpetual heavy asset investment + monopolistic communication cash flow" be priced within a classical capital framework? Is the valuation the capital market gives it pricing commercial space fundamentals, or is it pricing the long-term faith in human Mars migration?

@TheLosingBuilding's Chive

The market picks up scraps, only making money from what's already realized, not chasing vague distant visions. Setting aside grand narratives like Mars and interstellar travel, just looking at current, realizable businesses: Starlink commercial revenue, NASA contracts, satellite launch orders—how long will it take for SpaceX to achieve stable positive free cash flow? For ordinary retail investors, what are the most practical, trackable fundamental observation indicators for investing in SpaceX, and which purely story-driven bubble traps should be avoided?