There is a lot resting on Starlink, 11 gigadollars in direct revenue that accounts for fully 60% of SpaceX's total revenue of 18 gigadollars. It's hard to see how that level of revenue can sustain a 1 terradollar valuation.

Like, TSLA had 94 gigadollars in revenue last year, and it's a 1.2 terradollar company, and most outside analysts are frankly skeptical of that multiple. SpaceX is trying to get a similar valuation on a fifth of that revenue.