Alas, I don't see that likely to change.
Anthropic is also allegedly profitable https://www.reuters.com/business/anthropic-nears-first-quart...
https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769
The point is that I don't think irrational exuberance in stocks is a recent thing.
Is a price to sales ratio of 100 anything near normal nowadays?
EDIT: Wow, that was easy to find out. Turns out that didn't explode with the everything bubble, and almost no industry in the S&P 500 has an average above 5, the highest being a bit over 8.
Palantir, possibly the most overvalued company on the stock marker, has P/S 63 and P/E 144.
Nvidia has P/S 21 and P/E 33.
Apart from Palantir and Tesla, the other big companies are trading at what would historically be considered reasonable P/Es given their growth rates and profitability.
What's really changed in the last 20-30 years is the incredible profit generated by the tech industry, and the defensive moats the biggest companies have built.
Of course, it shares the same reality distortion field.
This 100 is really an outlier.
> It's expected to be the largest IPO ever...but the prospectus shows just how much the IPO depends on expectations for future growth
Same goes for every IPO. One point of difference about SpaceX is those involved do have a track record for delivery.
