HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shanghai Seer Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Crealights Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Pre-IPO Liuliumei Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

Pre-IPO Shenzhen Creality 3D Technology (PHIP Updates) - The Business and the Outlook

Equity Capital Markets

<ul>
<li>The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.</li>
<li>If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.</li>
<li>The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. </li>
</ul>


The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.
If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.
The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. 


Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation