SpaceX is gearing up for a public offering after private rounds valued it at about $137 billion. The IPO would open ownership to public investors and mark a major shift from its long-held private status.

• 137 Ventures has lined up ~$100M to buy SpaceX employee shares at $100-110/share, valuing the company at $130-140B—nearly double its $74B valuation from two years ago.
• Starlink drove $3.2B of SpaceX's projected $11.5B revenue this year, and Musk says it could be cash-flow positive by late 2026, a milestone investors see as key to an IPO.
• Musk has told advisers he wants to go public before 2028, but Starship production issues and European regulatory slowdowns are making some potential buyers cautious.
• NASA's $4.1B lunar lander commitment and the Space Force's $2.8B rocket deal give SpaceX financial cushion to delay an IPO until market conditions improve.

David George discusses the complexities of valuing high-growth companies, particularly those growing above 30%. He explains that conventional financial modeling struggles to account for sustained high growth, leading to undervaluation in the market. George emphasizes the importance of insights into products, markets, and people to identify potentially great companies.

• Standard financial models can't reasonably project sustained 30%+ growth, so Wall Street defaults to assuming decay, systematically undervaluing durable high-growth companies (a16z's portfolio: 112% growth at 21x revenue).
• Apple's iPhone growth consistently blew past consensus estimates, showing even well-known products can sustain growth far longer than models predict.
• Because modeling can't capture this, the edge comes from qualitative insight into product, market, and people—not spreadsheet forecasting.
• The investing philosophy is paying fair prices for truly exceptional companies rather than hunting for cheap ones, since the market's blind spot on sustained growth creates the mispricing opportunity.

The ETHval dashboard calculates Ethereum's intrinsic value using ten different valuation methodologies, blending traditional finance approaches with crypto-specific metrics. It aims to provide a more rigorous, fundamentals-based framework for evaluating Ethereum beyond mere price speculation. Feedback and suggestions from users are encouraged.

• ETHval combines ten valuation methodologies—from DCF and P/S ratios to TVL multiples and Metcalfe's Law—to estimate Ethereum's intrinsic value.
• Each model is scored for reliability using three criteria: methodology validation, data objectivity, and sensitivity to assumptions.
• The Revenue Yield model rates highest in reliability due to its acceptance in traditional finance and real-time data grounding, while the TVL Multiple ranks lower for lacking a traditional finance analog and relying on variable assumptions.
• The Staking Scarcity model posits that rising staked ETH reduces liquid supply, potentially pushing prices upward.