$SPCX $Anthropic “Same valuation = interchangeable investment” isn’t an argument, it’s a headline. SpaceX priced its IPO at $1.8T on the strength of Starlink + launch, then bled over 50% off its highs as the market repriced the AI/xAI segment against actual cash burn ($2.47B operating loss in Q1 alone).
Anthropic at $2T would be priced almost entirely on enterprise/API revenue growth — a completely different risk profile, different margins, different bet. Comparing sticker price without comparing the business underneath is how retail gets caught holding the bag.
$SPCX’s post-IPO chart is the lesson here, not the comp.
$MU $SNDK $NBIS $IREN $LITE $AAOI $SKHY Everyone’s screaming “most expensive market ever” the data says otherwise.
📊 Hedge funds just bought US equities for the 2nd straight week $4.8B added, the 2nd-largest weekly buy since 2008 (Goldman PB desk)
📈 S&P 500 P/E is elevated but nowhere near 2000 or 2008 peaks on the 90-yr chart
💰 And under the AI mega-cap froth, real value still exists: $SKHY (4.15 fwd P/E), $SNDK (4.62), $MU (5.57) trading at a fraction of $NVDA’s 17x or $AVGO’s 21x despite sitting in the same memory/AI supply chain
Smart money isn’t fleeing it’s rotating and adding. The “bubble” narrative doesn’t match the flow data.
