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Rightly so indeed. They make aluminum tubes and strap engines and avionics other people make onto them.
They're less manufacturing companies and more like FAA franchises.
Being able to board a Starship off the shore of NYC to land in Sydney in just 2-3 hours is really going to hurt them.
That sounds cool. So then the high valuation of SpaceX is based on people's belief that SpaceX will deliver things of this nature (as well as many other thing, I imagine).
It's odd to me though because such people seem to also believe that SpaceX has either such a headstart or such a moat that no other company will be able to compete in the near future.
The low valuation is because people lack imagination and/or are too low IQ to extrapolate from inco . They listen to professional FUD on the mainstream media and stay sidelined.
This isn't a multi-generational company that invented processes decades ago just arbitraging its own death where you multiply predictable dividends on those now commodity products/services, it's asymmetry, because it eats into just about every part of the economy
Freight is another thing starship can eat, for example. Probably won't eliminate container ships, but there's soon to be a 3rd option between air freight and container ships for distance/speed/cost.
Starlink eats telecom
Orbital datacenters eat heating/cooling/power/land/permitting/construction on terrestrial datacenters
Making rocket fuel out of air and water eats into energy generation, jets and boats need a lot of petro... not rockets.
You also have chip manufacturing, nvidia doesn't even make chips and is at 5T.... its a design firm. xAi is both design and manufacturer.
There's also the Jevon's effect of launch capacity, as it gets cheaper more shit goes up... they already have a near monopoly on that.
As for moat, time is the moat. 10 years I think is probably a fair estimate, but that's also if they stand still and do nothing.
I FOMO'd into some SPCX, not because I believe in it, but because I don't trust other investors to be rational.
(There are other structural forces too, like index-fund investing and upcoming IPO bonanzas of OpenAI and Anthropic)
So...all the companies that make all the airplanes we use for consumer travel...put together are not valued as highly as SpaceX. That seems right /s
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