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The SpaceX IPO Is Coming at an Extremely Stretched Valuation | Bagholder
Kevin, aka Bagholder, is back on the Rigatoni Capital Podcast for another great conversation. This week we focus on the SpaceX IPO set for June 12th at a valuation between $1.75 and $2 trillion. Kevin walks through his price to sales framework and lands on a multiple of roughly 110 times sales, which is difficult to justify when three quarters of SpaceX revenue comes from Starlink and the AI division grew only 23% last year. Neither of us are buying the IPO directly, though we will both own it through QQQ and VTI. When the general public starts calling asking how to participate in an IPO…
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