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Let's start where it hurts : with the valuation. Even after the decline of over $2.4 trillion to around $2.04 trillion, revenue of under $19 billion (2025) corresponds to a P/S 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 is becoming...
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