When is the most stable time to invest in SPCX? My answer: below a $1.5 trillion market cap. SpaceX is currently at $2 trillion, which is still pretty high. The company is still losing money—last year it lost $5 billion, and this year it’s estimated to still be in the red. Because as of now, SpaceX is still in the stage of laying down its business pipeline. Next year might be a turning point, and it could potentially make over $10 billion. Even if it earns $10 billion, compared to its $2 trillion+ market cap, that’s still a 200x difference, which is essentially borrowing from the future. If revenue reaches $100 billion, then it’s a 20x difference—this would be the point where it’s undervalued. But SpaceX is a high-potential tech stock with a strong moat, so relatively high multiples are normal. The key is whether SpaceX’s stock unlocks in August and drops below $1.5 trillion. I still feel like the chances of it falling below its IPO price this year are pretty high. In the short term, the drop has been too steep, and the shares are still in a low liquidity state—there might be a rebound. In the long term, it’s still far from the moment to pick up gold.