Source: Gideon’s Substack
by Noah Millman
“Buying SpaceX shares was never something I was likely to do. I understand the perspectives of the enthusiastic, the skeptical and the outraged, but I recognize that my inclination toward the skeptical camp is substantially personality-driven. I’m just congenitally skeptical. But I think one thing all three camps may not be acknowledging as fully as they should is the degree to which pricing a company like SpaceX is genuinely extremely difficult because to such a considerable degree what drives its value is a portfolio of real business options, which are inherently difficult to value. That doesn’t usually matter because real business options are usually only marginal factors in valuing a large company like SpaceX. But we’ve entered a world where there are real business options of plausibly extraordinary value, and that world is just genuinely very weird.” (06/15/26)