> Two-Stage Discounted Cash Flow (DCF) model. It is the gold standard for valuing a high-growth company like SpaceX.

I don't know if it's true that DCF is the "gold standard" for valuing high growth companies. IME it's actually quite bad -- not that there's really good ways to value them; more that DCF is much better for companies that aren't high growth.

High growth companies - especially ones run by Musk -- are intrinsically very hard to value, for reasons like:

- They sometimes - unpredictably - spawn new categories (think Starlink)

- There are too many variables to be able to reliably predict future cash flows (compared to say, an oil company, where future cash flows are largely dependent on oil prices, which can also be forecast with some degree of certainty)

- Risk has a much higher impact on a high growth company, how does DCF try to quantify that? Sure, you can ramp up your risk free rate like TFA suggests, but that's about as coarse a measure as it gets. Consider the risks to e.g. Tesla, how do you quantify them and their impact on its future cash flows?