SpaceX Trades at 98 Times Sales. Here's What Amazon's Multiple Looked Like at the Same Stage.

SpaceX trades at a price-to-sales ratio of 98 with a $2.1 trillion market cap on $23 billion in revenue. The article compares this to Amazon in 2009, when it had similar revenue but traded at a P/S ratio of only 1.5-2.5 while being more profitable. The analysis suggests that even if SpaceX reaches $1 trillion in revenue by 2030, the stock may not appreciate significantly from current levels, and a P/S compression to Amazon's 2009 levels could result in substantial losses.