Investors should prioritize gaining exposure to SpaceX as it approaches a valuation between $1.77 trillion and $2 trillion, driven by extreme demand and low share supply. While the current price-to-sales ratio is high at 94x, the company’s growth trajectory is being compared to NVIDIA’s pre-breakout performance in 2023. Focus on the long-term disruption of telecommunications giants like Verizon (VZ) and AT&T (T) through the expansion of Starlink's satellite network. Avoid any short positions against this asset, as the "Elon Musk premium" and limited float create significant upside risk for contrarian traders. Monitor private secondary markets for entry points near the $135 to $177 range before the valuation potentially scales further.

SpaceX (Private/IPO)

• The podcast discusses the massive SpaceX IPO/listing, noting a valuation of approximately $1.77 trillion to $2 trillion.
• The stock reportedly moved from $135 to $177 per share in seconds, showing high demand and low supply.
• Valuation Context: It is trading at roughly 94x revenues. While high, the hosts compare this to NVIDIA, which traded at a 45x price-to-sales ratio in 2023 before its massive growth.
• Market Dynamics: The asset is described as a "low float, high FDV (Fully Diluted Valuation)" play, similar to certain crypto assets, where high demand and limited available shares drive prices up regardless of traditional valuation metrics.
• Strategic Moats: Beyond rockets, SpaceX owns Starlink, which is positioned to disrupt major telecommunications providers like Verizon and AT&T. It also has long-term potential in asteroid mining.

Takeaways

• Do Not Short: The hosts warn that "shorting Elon is career risk." The optimism surrounding