Honestly, I really can't quite understand SpaceX's valuation.

Its market cap has already surged to nearly $2.8 trillion, about to surpass Amazon, but the problem is Amazon's annual revenue is around $600-28k, while SpaceX's revenue last year was only about $18.6 billion.
Even more outrageous is that in 2025, SpaceX still lost nearly $5 billion.
A loss-making company being driven to become one of the top five most valuable companies in the world—I've only seen this kind of scene during the dot-com bubble.
Many people are hyping Starlink, Mars, AI, and Musk, but if you look closely at the financial reports, the only truly profitable business is Starlink.
The rocket business is still burning cash, and xAI is a money-consuming beast, spending $30k to make $300 million.
Now, the market's valuation of SpaceX is approaching a 100x sales ratio, which is not even seen in cash cow giants like Apple, Microsoft, or Amazon.
Honestly, right now, buying SpaceX isn't about performance; it's about faith.
Of course, a bubble doesn't mean it will burst immediately, and everyone has seen how crazy the Musk concept can get.
But if the price keeps rising, especially above $200, I think the risk-reward for shorting with low leverage is starting to look attractive.
Remember, low leverage.
Because the biggest risk with this kind of stock isn't poor fundamentals, but no one knows how long the market can stay crazy.
When others are greedy, I might not be fearful, but when a company with less than $20 billion in annual revenue and still losing $5 billion is driven to nearly $3 trillion in market cap, I definitely won't chase the high.