SpaceX is reportedly pricing its upcoming IPO between $1.75T and $2T. Along with Tesla's $1.25T market cap, the combined valuation for Musk's companies is around $3T to $3.5T. An article points out that these valuations rely heavily on future projects rather than current profits. Tesla made $5.3B in operating earnings over the last 12 months, and SpaceX projects $16B in revenue for 2025. The author argues Amazon is a better buy based on fundamentals. AWS revenue grew 28% year over year, and North American retail is growing at 12%. They estimate Amazon could reach $100B in earnings and a $3.25T market cap next year, far outpacing the current earnings power of Tesla and SpaceX combined.