---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39708864.md"
description: "$Destiny Tech100(DXYZ.US) $Tesla(TSLA.US) $Direxion Daily TSLA Bull 2X Shares(TSLL.US) $Tema Space Innovators ETF(NASA.US) $Amazon(AMZN.US)A friend asked me, how do you research non-listed companies?My recent habit is to first gather as much public information as possible, then organize it into a memo I can understand.I did a quick version for SpaceX yesterday. It didn't take much time, but it was more interesting than I expected.After breaking down the different businesses, I'm increasingly thinking the most valuable part might not be the rocket launches that first come to mind, but Starlink.Because this business is increasingly like a subscription model. Revenue comes monthly, coverage is global, and costs can be further reduced once scale is achieved. So its valuation logic might be closer to a SaaS platform than a traditional satellite company.I took a quick look. Starlink's revenue is around $9 billion and it's already profitable. If that holds true, its standalone value would be very different. Competition is of course accelerating. With Kuiper pushing forward, things won't be calm.I ran three scenarios. The overall valuation for SpaceX is roughly in the ranges of $200B, $350B, and $500B. The risks are also direct: Musk's own uncertainty, Starship's development pace, and dilution from future fundraising.But after looking at it, my strongest feeling is still: if Starlink ever spins off for a separate listing, it might be more expensive than many think. My own range is roughly $150B to $200B USD 🤔I've put a screenshot of the memo below. Feel free to take a look if you're interested."
datetime: "2026-04-02T15:07:56.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39708864.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39708864.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39708864.md)
author: "[小狗在加班](https://longbridge.com/zh-HK/profiles/26880222.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39708864.md) | [简体中文](https://longbridge.com/zh-CN/topics/39708864.md)


# $Destiny Tech100(DXYZ.US) $Tesla(TSLA.US) $Direxio…


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## 評論 (2)

- **BE PATIENT · 2026-04-02T16:38:50.000Z**: Starlink is profitable, while XAI is losing money, even burning cash. The purpose of bundling them together is to nurture XAI, train the ultimate brain, and then empower and optimize various sub-industries 🤣
- **炒股赚钱发发发 · 2026-04-02T15:11:42.000Z**: You have the most words, you're right.