Still not sure what people see in $SpaceX(SPCX.US) as an investment. It’s already a megacap ($1.8T market cap) so upside is limited. It won’t generate profits until 2027. It trades at 2026 EV/Rev of 47x ( $Tesla(TSLA.US) 14x), and 2026 EV/EBITDA of 110x ( $Tesla(TSLA.US) 97x). I get the new TAM story once other airlines follow Frontier’s lead in adapting SpaceX Starlink as the standard WiFi package on commercial airlines. But 20% of SPCX shares unlock for sale in August and 44% of shares unlock by early September, which would balloon the tradable float by roughly 900%. Valuation has to matter at some point.