Microsoft. Apple. Meta. Then there's $SPCX ‌One thing that surprises me about SPCX is how fast people accepted paying growth-company multiples for it.

For years, profitable giants like Microsoft were treated as the benchmark for "safe" valuation because they generated massive cash flows.

Then SPCX arrived, and suddenly the conversation shifted from "How much profit does it make?" to "How big could this become?"

Maybe markets don't just price earnings.

Sometimes they price narratives, optionality, and the possibility that today's expensive company becomes tomorrow's infrastructure.

Whether that's visionary or irrational probably depends on what $SPCX actually delivers over the next decade.