The math isn't mathing on the SpaceX IPO

Everyone is cheering the 19% pop like it proves something. It doesn't. Let's actually look. SpaceX closed today near a $2.1 TRILLION market cap. Their 2025 revenue? $18.7 billion. That's a price to sales ratio of about 112x. Not earnings, SALES. And they didn't even have earnings, they posted a $4.9 billion net loss for the year. For context, Apple trades around 9x sales. Nvidia at the absolute peak of AI mania was around 30x. SpaceX just IPO'd at nearly 4x that, while losing money. And it gets