I am not buying SPCX tomorrow and this is the exact math that changed my mind

But this is why I got off the train,i will be sharing lots of numbers so prepare urself,at $1.77 trillion and $18.67 billion in 2025 revenue, SPCX opens at 95x price to sales. Lets be generous and assume 30% revenue growth for the next two years,it gets you to roughly $31.5 billion in revenue by end of 2027. even if the market still gives it a frothy 50x multiple at that point which would already be among the highest of any public company and the valuation would be around $1.58 trillion and thats an 11% decline from today's IPO price two years from now in a best case scenario that requires flawless execution. And thats before accounting for the $30 billion annual cash burn, the $4.94 billion net loss in 2025 or the fact that one man with 85% of the votes and zero accountability to the board I like SpaceX as a company but i just dont like it at this price on day one so i will be waiting for the lock up expiry in six months when insiders can sell and the price actually reflects reality. Might look stupid if it rips but i am fine with that. Am I missing something here or is the valuation just genuinely indefensible at open? Not financial advice.