SpaceX was riding high when I posted my dataviz of tech giant market capitalization vs. revenue. By this morning, it was down from its peak by about 50%.
Click to enlarge & interact. Note that this is not updated in realtime.
Is this the bottom? In a rational universe, I think not, because even its deflated valuation is still an outlier. But remember Keynes’ warning, that the market can stay irrational longer than you can stay solvent. Also, recall that market capitalization (not just for SPCX) isn’t real money; it’s paper value based on the marginal transaction, and can change fast if those transactions are thin. Since the SPCX float is small, The $1.4T valuation reflects far fewer $ invested, and could be sustained by a dedicated enthusiast cadre – but the temptation to defect will presumably be large as locks expire.