Today's topic is the IPO of SpaceX.

Now before anyone sends me an email, let me be clear. This is not a commentary on SpaceX as a company. SpaceX is arguably one of the most remarkable businesses built in the past century. They have transformed the economics of space launch, built a dominant satellite communications network through Starlink, and have demonstrated a level of innovation that few companies in history have achieved.

The question is not whether SpaceX is a great company.

The question is: What constitutes a reasonable value?

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