Terrific note. Love the movie poster! I worked through a multi-scenario DCF analysis of SpaceX a few weeks ago. The valuation numbers simply cannot work and I do not believe that market liquidity can support a $115bn IPO layout - even with passive getting press-ganged. My guess is that Musk employs Plan B (TSLA merger) in recognition of this problem. You then get to cover the inevitable court case when minorities sue. Circle of life! youtu.be/QVSrJ-PK-t4x.com/SquirrelMacro/sta…