$2 trillion valuation sounds very expensive? But it might still be "underestimating the future"

Many people see $2 trillion, and their first reaction is: bubble.
But the question is:
👉 We are evaluating the "future" using "now"
① The essence of valuation:
SpaceX is not valued based on PE ratios
It's based on the "human civilization progress bar"
It sounds exaggerated, but that's really how the capital market operates.
② Why might it not be expensive?
Once Starlink covers the globe:
👉 Cash flow will be as stable as water
And this kind of asset market is willing to assign a very high premium
③ Risk reminder:
The premise is: everything goes smoothly
But reality usually isn't that smooth
💬 Interaction:
What do you think is the biggest uncertainty for SpaceX?
#SpaceXIPO冲刺2万亿美元估值