MULTIPLE MANIA

When Amazon went public in 1997 as a loss-making online bookseller, it issued shares at 2.9 times revenue. In 2004, Google’s shares debuted with an established and profitable advertising model backing its search engine and went public at 8.5 times earnings. When Facebook (now Meta) went public, its business model was proven and profitable, its shares were 17.9 times revenue. At $135, SpaceX will go public at 93.9 times revenue.