Gertjan Verdickt
Column

The value of belief: SpaceX’s IPO

SpaceX is now worth 2.11 trillion dollars. That valuation belongs to a company that lost 5 billion dollars last year on 18.7 billion dollars in revenue and was sold to investors at roughly 95 times annual sales. The interesting question is not whether the price is right, but what investors must believe for it to make sense.

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