Profit Multiple Holds

Investors accept the Boring Co. mark as a legitimate component of SpaceX's record Q3 profit, while still focusing on Starlink cash flow and launch margins. The most likely outcome is a modest rerating rather than a dramatic move, because the $561M gain is meaningful but not the main driver of SpaceX's $4.4B quarterly profit.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.