Sam Dickie

So SpaceX, let's not forget, despite the fact it doesn't make any profit, it has a really inherently profitable business buried within it, which is Starlink, which makes 65% profit margins.

Anthropic, its margins are increasing as it drives its compute efficiency and it sort of gets those economies of scale as it's ramping its revenue at

you know, unprecedented rates.

And OpenAI's margins actually seem to be going backwards, but that's partly because they're front-loading a huge amount of compute into their business to secure that compute for the future, which they see as a comparative advantage to the other two.

PEs are out.

Margin trajectory is important.

But then it's things like long-term discounted cash flow valuations where a lot of the future value is in the future.

And finally, it's something as simple as a price-to-revenue multiple.

And to give you some context there, SpaceX is going to come on somewhere between 60 and 90 times revenue.

And the other two are sort of 30 to 50 times revenue.

And for context, Google and Meta are two phenomenal companies which are growing slower and

are on sort of five to eight times revenue.

So pretty ritzy multiples.

That's right.

I mean, we've got our own discounted cash flow model for SpaceX, and you really need to run it out 20 or 30 years before you start to see some serious profitability hitting the bottom line.

So there's a lot of future value baked into these companies today.

I mean, if SpaceX listed a premium $2 trillion for zero profit, you can understand that there's a lot of faith in the future.

That's right.

I mean, it almost seems like a throwaway comment, doesn't it?

I mean, I was going to say that OpenAI and Anthropic are rumoured to be a trillion each, which seems like chicken feed can be to SpaceX.