SpaceX shares plummeted to $200. It looks like Musk decided to show those bald old men how to manipulate the price of their candy wrappers. 😁

Basically, if you look at the raw numbers, SpaceX is in a bleak spot. They're deeply unprofitable and burning through $20 billion a year on their development.

SpaceX's valuation is 110x based on the P/S ratio. Its closest competitors are 50 times lower. Meanwhile, these competitors have solid businesses, positive cash flow, and pay dividends.

In general, romantics are being sold the story that SpaceX will be the company that colonizes Mars and Musk's rockets will be used to deliver people and cargo. One question arises here: "So what?"

Let's say Musk sends people to a neighboring planet and sets up some kind of camp there. What good will that do for business? It won't bring in any money, and it won't deliver resources from another planet either. In short, it's complete bullshit.

The hype around SpaceX is reminiscent of the hype around Virgin Galactic in 2020. Look at their chart. 😁