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The list contains target share prices, not market cap. $200 is way above the current $125.

The launch number is irrelevant. Starlink is SpaceX's largest customer and that is a problem. The revenue from launches is not great. The xAI fantasies are unproven.

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SpaceX's annual revenue is estimated at $40B for 2026. A comparison might be Lockheed Martin, with annual revenue of $75B in 2025, and a market cap of $120B. So I wouldn't say $200B sounds low at all, even if their revenue doubles (twice, since $40B is actually a projection where they were doing $20B last year, though it's apples and oranges with the acquisition of Musk's failing companies.)
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Comparing revenue, without at least also comparing revenue growth rates and leverage ratios is really nonsense financial analysis.

It was the same thing with Tesla. Everyone screaming when Tesla had. $20bn market cap how they were extremely over valued because their car sales revenue paled in comparison to the other car manufacturers and yet their market cap was in the same ballpark. It was such a joke and so obviously unprofessional / dishonest. The traditional automakers were all nearly insolvent (tens to hundreds of billions of debt) and had stagnant growth. At the time Tesla had no debt and was growing consistently ~70% a year. Anyone willing to actually analyze and see the truth and not just read headlines and repeat them could have seen it.

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As the other poster said it is guidance from analysts. The Raymond one at the top equates to $10T valuation
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Reusable launch vehicles were in their infancy during the Shuttle program days.

Multiple launch vehicles and crew vehicles exist now, and more are on their way.

Taking tech from TRL1 to TRL9 with 2.5million moving parts in it is vastly different from coming up with another TRL9 design.

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