That’s just money in the door and the underwriters seem to think the business is worth $1.75T.
Did you notice the size of the Artemis rocket and the size of the payload it sends to the moon and back?
Do you expect there to be diamonds just laying these on the moon surface, no mining required.
Again, not debating that SpaceX isn’t a legit company or that it’s profitable. But underwriters agreeing with high valuations to stocks that collapse once they go public isn’t unheard of.
Edit: and I will concede that I should’ve phrased my initial thoughts better. Credit rating agencies and underwriters do very separate things, just like IPOs and MBS are two very separate things.
I think you're going to be surprised at the level of competition BO provides SpaceX in the Artemis program.
