Financial Times: As much as $1tn of the value of SpaceX’s initial public offering is based on a series of ambitious “moonshot” goals that investors must bet will be achieved to justify Elon Musk’s lofty price tag.
…Ahead of Friday’s IPO, some existing investors in the company, which has soared in value from $400bn less than a year ago, have questioned the massive valuation, at which the lossmaking company would trade at 92 times last year’s revenue, a multiple that far outstrips that of other Big Tech companies…