A forecast of the fair market value of SpaceX's businesses
https://futuresearch.ai/spacex-ipo-valuation/

A $1.75 Trillion IPO Would Be Overpaying 30% for SpaceX
A sum-of-the-parts forecast of SpaceX's fair market value across seven business segments. The $1.75 trillion IPO target is approximately 29% above the median fair value of $1.25 trillion.
FutureSearchThe xAI piece is the one that stands out to me. $258B for a lab that's burning $1.46B/quarter against $430M revenue, valued almost entirely on a merger anchor from four months ago.
For $380B you can get both AT&T and Verizon and you pay ~1.55x the revenue. Why pay 38x for Starlink?