Right now everyone is focused on the AI bubble. Yeah, a lot of companies in that sector are valued very richly $PLTR trading around a 200 P/E, chip names like $NVDA near 45, or $AVGO around 70. But those companies are also growing fast and generating billions in actual profit.

Then you look at space stocks. $ASTS trading around a $30B market cap with about $15M in revenue, no earnings, and no profit. $RKLB around a $36B market cap with roughly $100M in revenue, no earnings, and no profit. And the biggest one of all, SpaceX reportedly valued around $1.5T on roughly $15B in revenue and maybe $8B in profit.

How do these space stock valuations make any sense? Are investors expecting revenue to explode at some point in the future, or is this all based on some distant scenario where space mining and a full space economy actually become real?