SpaceX – magnificent substance, but a price that strips me of the safety margin!

Let's start where it hurts : with the valuation. Even after the decline of over $2.4 trillion to around $2.04 trillion, a revenue of under $19 billion (2025) corresponds to a price-to-sales ratio of more than 107 – profits are completely absent so far. For a capital-intensive hardware business with high cash outflow, this is ambitious, and this is exactly where I see a lack of safety margin. The fact that the corporation is even traded at this point has reasons that I take seriously . Starlink is profitable and scaling, and the rocket program...