I previously valued SpaceX at $1.25 trillion based on adding up the value of its businesses. (And I was generous, using conventional analyst valuations for things like xAI.) I predicted the IPO would pop anyway, and it would end around $1.9 trillion. Now that it's at $2.5T I asked myself, was I wrong? Or is this one of the "market can stay irrational longer than you can stay solvent" situations? So I revisited my valuation, and basically, I stand by $1.25T. I don't see anything in the
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