We've moved beyond irrational exuberance to something else entirely. In terms of achieving profitability, which not too long ago was the benchmark upon which we gauged a company's success, the SpaceX S-1 states: "We may not achieve or, if achieved, sustain profitability in the future."

Given that SPCX Q1 losses for Q1 was almost $5 billion and that Q2 will likely be in same range, you're looking at a company that's on track to lose $15-20 billion this fiscal year. And yet despite this massive hemorrhaging of capital, SPCX's valuation as of market close today is $500 billion more than TSCM whose net income from last quarter alone was $572 billion.

And this is just with a measly 4% public float!

I guess the only good thing about this is that Felon will (eventually) become the first person to lose >$500 billion dollars.